A Crypto Analyst Bullish on Solana Meme Token Bonk (BONK)
A well-known crypto analyst, Altcoin Sherpa, is optimistic about the market recovery of a meme token operating on Solana (SOL).
Altcoin Sherpa, with a social media following of 243,800 on X, has expressed his bullish stance on the memecoin Bonk (BONK).
In a recent tweet, the analyst shared a chart indicating that BONK is expected to encounter resistance at the $0.000012 level before forming a bullish higher low pattern and aiming for a target above $0.0000145.
“BONK shows strength in the short term and is likely to see an upward movement. While there might be a pullback near the 200 EMA on the four-hour chart, buying at the current levels seems reasonable.”
As of now, BONK is valued at $0.00001376.
Shifting focus to the low-cap altcoin Alchemist AI (ALCH), Altcoin Sherpa believes that the coin is in an upward trend and is waiting for potential dips to accumulate the asset.
ALCH is a crypto project based on artificial intelligence (AI) that enables users without coding skills to generate code through natural language descriptions.
Altcoin Sherpa comments, “ALCH continues to exhibit a strong chart, despite receiving lesser attention. It appears to have taken the place of ARC, a highly volatile AI coin with daily fluctuations of 20%. Although I’m not currently invested, I have traded it frequently in the past and will consider buying on dips.”
At present, ALCH ranks as the 431st largest crypto asset by market capitalization, trading at $0.109.
Regarding Bitcoin, Altcoin Sherpa predicts that BTC will continue to consolidate within a wide trading range in the short to medium term.
“I anticipate a sideways movement between $70,000-$90,000 for BTC over the next few weeks. While the relative bottom may have been established, there could still be further consolidation.”
Currently, Bitcoin is trading at $85,366.
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