A broadly adopted cryptocurrency analyst and dealer is expressing bullish sentiment on a low-cap memecoin constructed on the Solana (SOL) blockchain.
The analyst pseudonymously often called 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 stage.
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 broadly adopted dealer who often 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 pattern of the value of an asset strikes in a five-wave sample whereas a correction happens in a three-wave sample.
Based mostly on Bluntz’s chart, it seems that the pseudonymous analyst is suggesting that the three-wave downward transfer occurred inside a significant five-wave sample to the upside. It additionally appears that the analyst is suggesting that Bitcoin may full the five-wave sample at just below the $70,000 worth stage.
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 following few months.
Nice for crypto and threat on for my part.”
The US Greenback Index is presently at 104.33 factors.
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