An analyst who has earned the “Master Trader” rank on the crypto exchange Bybit believes more rallies are in store for two meme assets.
Pseudonymous trader Bluntz tells his 324,600 followers on the social media platform X that he thinks the memecoin Pudgy Penguins (PENGU) will rise about 66 from current levels before completing a five-wave surge.
-->Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally.
Says the trader,
“PENGU has been a standout leader over the last week, now looking like it’s in quite an obvious wave three to the upside here on the daily.
Anticipate this to test prior all-time highs and potentially beyond over the next month or so.
Has insane normie appeal and basically launched in a meme bear market, so it never had a proper price discovery run, but I think its time has come.”
Source: Bluntz/XLooking at the trader’s chart, he seems to suggest that PENGU will soar to $0.055. At time of writing, PENGU is worth $0.0327.
Another memecoin on the trader’s radar is Bonk (BONK), which he thinks is following in the footsteps of PENGU.
“From all the major memes, BONK and PENGU are two of the strongest that have taken out their major may high resistances already. Fortunately, PENGU is leading and showing the way for BONK over the coming weeks.
I am long both of these coins.”
Source: Bluntz/XThe trader appears to be predicting that BONK will soar to $0.000043. At time of writing, BONK is trading at $0.00003.
As for the broader altcoin market, the trader says he’s keeping an eye on the Bitcoin Dominance (BTC.D) chart, which tracks how much of the crypto market cap belongs to BTC.
Bluntz hints that the bearish divergence on the Bitcoin dominance chart is now playing out, suggesting that altcoins are poised to rise faster than BTC in the current bullish environment.
A bearish divergence is a signal indicating waning momentum for an asset or index.
“BTC.D proper breaking down now, love to see it.”
Source: Bluntz/XAt time of writing, BTC.D is hovering at 63.73.
