A carefully adopted crypto strategist believes one memecoin operating on Solana (SOL) just isn’t but carried out rallying, even after posting over 60% positive aspects 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). Seems to be good on the charts as nicely.
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 take a look at goes to be the place the subsequent low is and the way the response is.
The development remains to be bearish, so don’t be so fast to catch knives. That stated, we may see some reversal if the setting continues to ease up.”
Primarily based on the dealer’s chart, he seems to recommend 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 positive aspects witnessed this month may very well be erased. Nonetheless, Altcoin Sherpa notes that it’s now inside the realm of risk 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 subsequent main dip is a BUY THE DIP scenario.
HOWEVER, most alts nonetheless are in bearish market buildings (see TAO) and continuation of that development is down. I feel we go greater for all the pieces, 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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