Elliott Wave analyst Bluntz suggests a new upward wave in the cryptocurrency market, focusing on the altcoins PYTH and BONK. Speaking to his 304,000 followers on the social media platform X, he emphasizes the potential for significant price increases in these two digital assets.
PYTH Network Shows Bullish Flag Pattern
Bluntz notes that PYTH has surpassed a critical level in technical analysis. He states that PYTH is moving towards the $0.50 mark after breaking out of a “bull flag” formation. According to Elliott Wave theory, PYTH indicates a five-wave upward trend.
“The break of PYTH’s bull flag formation signifies the beginning of an uptrend. The Solana 
$217 ecosystem is currently very promising,” Bluntz remarked, highlighting that PYTH is trading at $0.431.
He also points out that this upward potential might impact the broader market. Bluntz expects PYTH to continue rising from current levels, but he emphasizes the importance of acknowledging market volatility.
BONK and the Memecoin Market Gaining Momentum
Bluntz suggests that the memecoin market could experience notable activity. He indicates that BONK, based on Solana, might lead this market revival. He states that BONK has completed the ABC correction pattern according to Elliott Wave theory.
“BONK has retraced by 46%, and these levels create a solid foundation for a significant rise,” said Bluntz, underscoring the potential in the memecoin sector. He notes that BONK is currently priced at $0.0000347, which may present a suitable buying opportunity.
Bluntz adds that memecoins often move unexpectedly, and trading in such assets requires caution. He advises investors to be prepared for the volatile nature of the market.
These developments in the cryptocurrency landscape highlight the future performance potential of altcoins like PYTH and BONK. Analyses may guide investors in shaping their strategies, but market fluctuations must be monitored closely.
