A extensively adopted cryptocurrency analyst and dealer is expressing bullish sentiment on a low-cap memecoin constructed on the Solana (SOL) blockchain.
The analyst pseudonymously often known as Bluntz tells his 265,500 followers on the social media platform X that PONKE (PONKE) is exhibiting a bullish construction after breaking out of an ascending channel after which turning the higher boundary of the ascending channel right into a help degree.
PONKE is buying and selling at $0.681 at time of writing, up by round 7,238% from the January third low of $0.00928.
Turning to Bitcoin (BTC), the extensively adopted dealer who repeatedly applies Elliott Wave concept in his technical evaluation says that BTC has accomplished a three-wave transfer to the draw back on the one-hour chart and now seems primed to go up. The Elliott Wave concept states that the primary development of the value of an asset strikes in a five-wave sample whereas a correction happens in a three-wave sample.
Primarily based on Bluntz’s chart, it seems that the pseudonymous analyst is suggesting that the three-wave downward transfer occurred inside a serious five-wave sample to the upside. It additionally appears that the analyst is suggesting that Bitcoin might full the five-wave sample at slightly below the $70,000 value degree.
Bluntz additionally says {that a} potential weakening of the US greenback over the approaching months will affect crypto positively.
“US Greenback Index (DXY) has been getting torched all week however nonetheless excessive time-frame range-bound over a yr now. I believe we’re en path to 102 or so from right here over the subsequent few months.
Nice for crypto and danger on in my view.”
The US Greenback Index is presently at 104.33 factors.
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