A well-known cryptocurrency analyst and trader, using the pseudonym Bluntz, has shared positive outlook on a low-cap memecoin called PONKE, which is built on the Solana (SOL) blockchain.
Bluntz, with a following of 265,500 on X, points out that PONKE is showing a bullish structure after breaking out of an ascending channel and establishing the upper boundary of the channel as a support level.
Currently, PONKE is trading at $0.681, marking a significant increase of approximately 7,238% from its low of $0.00928 on January 3rd.
Shifting focus to Bitcoin (BTC), Bluntz, who frequently applies Elliott Wave theory in his analysis, suggests that BTC has completed a three-wave downward movement on the one-hour chart and is now poised for an upward trend. According to Elliott Wave theory, price trends in a five-wave pattern and corrections in a three-wave pattern.
Bluntz’s analysis indicates that the three-wave decline occurred within a larger five-wave upward pattern for Bitcoin, hinting that BTC could reach just below the $70,000 price level to complete the five-wave cycle.
Additionally, Bluntz mentions that a potential weakening of the US dollar in the upcoming months could have a positive impact on the crypto market.
“The US Dollar Index (DXY) has been facing downward pressure, but remains range-bound for over a year. I anticipate a rise to around 102 in the coming months.
This scenario is favorable for crypto and risk-on assets,”
Currently, the US Dollar Index stands at 104.33 points.
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