A widely followed cryptocurrency analyst and trader is becoming bullish on a rival to Dogecoin (DOGE) and Shiba Inu (SHIB).
The pseudonymous analyst known as Bluntz tells his 290,300 followers on social media platform X that the memecoin Pepe (PEPE) could soar more than 28% from its current value.
The analyst puts into practice the Elliott Wave Theory, which states that a bullish asset tends to experience a five-wave bullish move after completing an ABC bearish move.
“PEPE has now made a nice five-wave rise from the short-period lows and the pullback from the highs was also a sharp three-wave decline. The push towards a new all-time high appears to have begun.
Looking at his chart, the analyst suggests that Pepe could climb to over $0.00003000 under the principles of Elliott Wave Theory for a bullish asset.
Pepe is trading at $0.00002339 at the time of writing, up 14.2% in the last 24 hours.
Next, the analyst claims that Bitcoin (BTC) may have completed an ABC corrective wave pattern of Elliott Wave Theory over a one-hour time frame and is now starting to print an upward five-wave pattern .
“In my opinion, this should be the case for the BTC withdrawal. Next, the big resistance of $100,000.
Bitcoin is trading at $91,101 at the time of writing, up 4.5% in the last 24 hours.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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