A widely followed crypto trader is expressing bullish sentiment for one memecoin rival of Dogecoin (DOGE) and Shiba Inu (SHIB).
Pseudonymous analyst Bluntz tells his 227,700 followers on the social media platform X that Pepe (PEPE) could soar by more than 30% from its current value.
[adinserter block="1"]Bluntz utilizes the Elliott Wave theory in his technical analysis. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern.
“PEPE looking primed for another 30%+ move up on daily to make a clean five wave rise with three being the longest.”
Looking at his chart, the trader suggests wave five would result in Pepe trading for about $$0.00000160.
He also says that Pepe’s recent price pattern indicates an imminent breakout beyond a key resistance level.
“PEPE rage pump loading … targeting about 25-30% upside, RR (risk/reward ratio) still favorable.”
He says Pepe is confirming the breakout.
“Let’s go lol. Solid move up so far. Been a while since I had fun on a memecoin.”
PEPE is trading for $0.00000124 at time of writing, up 5.4% in the past 24 hours.
The trader also weighs in on Solana (SOL), and he says that SOL is likely going to keep moving higher after bankrupt FTX finishes selling off its holdings of Solana.
“FTX has been selling between 250,000-700,000 SOL every day for the last two weeks while the price has either been going up or sideways. So far it’s been getting absorbed like a champ and at the current rate, their unlocked tokens should be depleted within a week. Once this seller is gone, I can only imagine how hard it’s going to pump. Don’t middle curve this.”
Solana is trading for $44.46 at time of writing, up 2.7% in the last 24 hours.
Lastly, the trader is predicting a breakout for Bitcoin (BTC) after a period of accumulation.
“BTC really trying hard to break out of this vertical accumulation. 18 days of sideways might finally be coming to an end.”
Bitcoin is trading for $36,576 at time of writing, up 2.3% in the last 24 hours.
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