A noted crypto trader and Elliott Wave specialist is predicting a rise in several altcoins amid a correction in the digital asset market.
Brandts, a pseudonymous trader, told his 304,000 followers on social media platform X that the utility token of decentralized oracle service PYTH Network has broken out of a bullish flag pattern.
The Blunts chart also suggests that PYTH is in the middle of a 5-wave swing to around the $0.50 level.
“The Solana ecosystem is looking strong again and the bull flag PYTH breakout is also great.
It looks impulsive. ”
Mr. Brandts practices Elliott wave theory. This states that bullish assets tend to rise five waves before an ABC correction. Based on the trader's chart, he seems to be suggesting that PYTH is on the verge of starting a fifth wave surge following the bull flag breakout.
At the time of writing, PYTH is trading at $0.431.
Brandts is also bullish on meme coins. I'm saying The sector could be preparing for a resurgence that will “catch some people off guard,” it said.
The trader cited Solana-based Dogecoin (DOGE) rival BONK as a potential candidate to lead the memecoin resurgence. He said that according to Elliott wave theory, BONK has likely completed the downward correction of the ABC wave, suggesting an imminent upswing.
“BONK is back 46% from its high and clearly appears to be falling in three waves.
Looks like a very good push to buy in my opinion, but sales like this don't happen very often.
I'm betting that it will continue to hit new highs. ”
Looking at the trader’s chart, he seems to be suggesting that BONK will soar to near $0.00007 before the 5-wave rally ends.
At the time of writing, BONK is trading at $0.0000347.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me ×, facebook and telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3
