Elliott Wave specialist Bluntz has forecasted a potential surge in the cryptocurrency market, specifically highlighting altcoins PYTH and BONK. Addressing his 304,000 followers on the social media platform X, he pointed out the promising price upward trends for these two digital currencies.
What Technical Indicators Support PYTH’s Growth?
Bluntz identified a bullish flag pattern in PYTH, which has recently crossed a crucial threshold. He mentioned that PYTH is on the path to reaching $0.50 after breaking this formation. According to his analysis, this aligns with a five-wave upward trend indicated by Elliott Wave theory.
Can BONK Lead the Memecoin Revival?
He also indicated that BONK, a memecoin associated with the Solana blockchain, might spearhead a resurgence in this niche market. Bluntz noted that the coin had completed an ABC correction pattern, making it a potentially lucrative investment. Currently priced at $0.0000347, BONK has the potential for significant gains.
- PYTH surpassed key resistance levels, suggesting bullish momentum.
- BONK shows signs of recovery after a 46% retracement, offering buying opportunities.
- Both altcoins could positively influence the broader market.
The insights shared by Bluntz underscore the potential upward trajectory for altcoins such as PYTH and BONK. However, he cautions that market volatility remains a critical factor that traders should consider while strategizing their investments.