A intently adopted crypto strategist believes one memecoin operating on Solana (SOL) just isn’t but accomplished rallying, even after posting over 60% features this month.
Pseudonymous analyst Altcoin Sherpa tells his 245,000 followers on the social media platform X that he’s bullish on Bonk (BONK) following the altcoin’s breakout of an accumulation zone on the three-day chart.
The dealer shares a chart suggesting that BONK can rally to as excessive as $0.0000262 after taking out its resistance at $0.0000142.
“BONK goes a lot larger (I’ve a bag). Seems good on the charts as effectively.
Suppose I’m going so as to add to my place if I get a small dip.”
At time of writing, BONK is buying and selling for $0.0000182.
Turning to the native asset of the non-fungible token (NFT) undertaking Pudgy Penguins (PENGU), the dealer says the altcoin must print a bullish larger low setup at round $0.0065 to start out reversing its multi-month downtrend. In any other case, Altcoin Sherpa warns that PENGU could drop to as little as $0.004.
“Cash like PENGU bought rekt the final a number of months however are displaying some indicators of life. The true check goes to be the place the subsequent low is and the way the response is.
The development remains to be bearish, so don’t be so fast to catch knives. That mentioned, we might see some reversal if the surroundings continues to ease up.”
Based mostly on the dealer’s chart, he seems to counsel that PENGU could soar to as excessive as $0.014 if the altcoin manages to ascertain the next low.
At time of writing, PENGU is value $0.00985.
As for the broader altcoin market, the analyst warns that the majority cash are nonetheless in a high-time-frame downtrend and that the features witnessed this month could possibly be erased. Nevertheless, Altcoin Sherpa notes that it’s now inside the realm of risk for altcoins to start out carving a significant cycle backside en path to a bullish reversal.
“To be clear, I’m fairly bullish total and assume that we’re going larger and the subsequent main dip is a BUY THE DIP scenario.
HOWEVER, most alts nonetheless are in bearish market constructions (see TAO) and continuation of that development is down. I feel we go larger for every thing, however only a cautious reminder that these sh*tcoins are nonetheless in bearish developments and have made decrease highs, decrease lows.
I do assume that we’re doing higher, although.”
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Featured Picture: Shutterstock/Artwork Furnace/Natalia Siiatovskaia
