A intently adopted crypto strategist believes one memecoin working on Solana (SOL) isn’t but accomplished 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 greater (I’ve a bag). Appears to be like good on the charts as properly.
Assume 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 greater low setup at round $0.0065 to begin 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 received rekt the final a number of months however are displaying some indicators of life. The true check goes to be the place the following low is and the way the response is.
The development continues to be bearish, so don’t be so fast to catch knives. That mentioned, we may see some reversal if the setting 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 price $0.00985.
As for the broader altcoin market, the analyst warns that almost all cash are nonetheless in a high-time-frame downtrend and that the good points witnessed this month may very well be erased. Nevertheless, Altcoin Sherpa notes that it’s now inside the realm of chance for altcoins to begin carving a significant cycle backside en path to a bullish reversal.
“To be clear, I’m fairly bullish general and suppose that we’re going greater and the following main dip is a BUY THE DIP state of affairs.
HOWEVER, most alts nonetheless are in bearish market buildings (see TAO) and continuation of that development is down. I believe we go greater for every part, however only a cautious reminder that these sh*tcoins are nonetheless in bearish tendencies and have made decrease highs, decrease lows.
I do suppose that we’re doing higher, although.”
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Featured Picture: Shutterstock/Artwork Furnace/Natalia Siiatovskaia
