A carefully adopted crypto strategist believes one memecoin operating on Solana (SOL) shouldn’t be but finished rallying, even after posting over 60% good points 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 nicely.
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) mission 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 might drop to as little as $0.004.
“Cash like PENGU obtained rekt the final a number of months however are exhibiting some indicators of life. The true check goes to be the place the subsequent low is and the way the response is.
The pattern remains to be bearish, so don’t be so fast to catch knives. That stated, 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 might 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 good points witnessed this month might be erased. Nonetheless, Altcoin Sherpa notes that it’s now inside the realm of chance for altcoins to start out carving a significant cycle backside en path to a bullish reversal.
“To be clear, I’m fairly bullish general 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 pattern is down. I feel we go larger for the whole lot, 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
