Analyst Says Solana-Based Memecoin Going Much Higher, Sees PENGU Facing ‘True Test’ After April Surge
A intently adopted crypto strategist believes one memecoin operating on Solana (SOL) isn’t but finished rallying, even after posting over 60% features this month.
Pseudonymous analyst Altcoin Sherpa tells his 245,000 followers on the social media platform X that he’s bullish on Bonk (BONK) following the altcoin’s breakout of an accumulation zone on the three-day chart.
The dealer shares a chart suggesting that BONK can rally to as excessive as $0.0000262 after taking out its resistance at $0.0000142.
“BONK goes a lot increased (I’ve a bag). Appears good on the charts as effectively.
Suppose I’m going so as to add to my place if I get a small dip.”
At time of writing, BONK is buying and selling for $0.0000182.
Turning to the native asset of the non-fungible token (NFT) challenge Pudgy Penguins (PENGU), the dealer says the altcoin must print a bullish increased low setup at round $0.0065 to begin reversing its multi-month downtrend. In any other case, Altcoin Sherpa warns that PENGU might drop to as little as $0.004.
“Cash like PENGU received rekt the final a number of months however are exhibiting some indicators of life. The true take a look at goes to be the place the subsequent low is and the way the response is.
The pattern remains to be bearish, so don’t be so fast to catch knives. That mentioned, we may see some reversal if the surroundings continues to ease up.”
Based mostly on the dealer’s chart, he seems to counsel that PENGU might soar to as excessive as $0.014 if the altcoin manages to determine the next low.
At time of writing, PENGU is price $0.00985.
As for the broader altcoin market, the analyst warns that the majority cash are nonetheless in a high-time-frame downtrend and that the features witnessed this month could possibly be erased. Nevertheless, Altcoin Sherpa notes that it’s now throughout the realm of risk for altcoins to begin carving a significant cycle backside en path to a bullish reversal.
“To be clear, I’m fairly bullish total and suppose that we’re going increased and the subsequent main dip is a BUY THE DIP state of affairs.
HOWEVER, most alts nonetheless are in bearish market buildings (see TAO) and continuation of that pattern is down. I believe we go increased for all the things, however only a cautious reminder that these sh*tcoins are nonetheless in bearish traits and have made decrease highs, decrease lows.
I do suppose that we’re doing higher, although.”
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