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 referred to as 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 degree.
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 usually applies Elliott Wave idea 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 idea states that the principle 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 serious five-wave sample to the upside. It additionally appears that the analyst is suggesting that Bitcoin may full the five-wave sample at slightly below the $70,000 value degree.
Bluntz additionally says {that a} potential weakening of the US greenback over the approaching months will impression crypto positively.
“US Greenback Index (DXY) has been getting torched all week however nonetheless excessive timeframe range-bound over a 12 months now. I feel we’re en path to 102 or so from right here over the subsequent few months.
Nice for crypto and threat on in my view.”
The US Greenback Index is at the moment at 104.33 factors.
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