A closely followed crypto trader and Elliott Wave specialist is forecasting rallies for several altcoins amid a correction in the digital asset markets.
Pseudonymous trader Bluntz tells his 304,000 followers on the social media platform X that the utility token for decentralized oracle service Pyth Network (PYTH) has broken out of a bull flag pattern.
Bluntz’s chart also suggests that PYTH is in the midst of a five-wave impulse to around the $0.50 level.
“Solana ecosystem looking good again, nice bull flag PYTH breakout.
Looking impulsive.”
Bluntz practices Elliott Wave theory, which states that a bullish asset tends to go through a five-wave move up before an ABC correction. Based on the trader’s chart, he seems to suggest that PYTH is on the verge of starting its fifth-wave surge following the bull flag breakout.
At time of writing, PYTH is trading at $0.431.
Bluntz is also bullish on memecoins, saying that the sector may be gearing up for a revival that will “catch a few off guard.”
The trader names the Solana-based Dogecoin (DOGE) rival Bonk (BONK) as a potential candidate for leading a memecoin resurgence. He says BONK has likely completed an ABC-wave correction downward, suggesting an imminent rally, as per Elliot Wave theory.
“BONK has pulled back 46% from the highs and looks like a clear three-wave move down.
Looks like a really good dip to buy in my opinion, sales like this don’t come around that often.
I am betting on fresh all-time highs still to come.”
Looking at the trader’s chart, he seems to suggest that BONK will surge close to $0.00007 before ending its five-wave ascent.
At time of writing, BONK is trading at $0.0000347.
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