A broadly adopted cryptocurrency analyst and dealer predicts that one Solana (SOL)-based memecoin is on the verge of printing new all-time highs.
The analyst, pseudonymously often called Bluntz, tells his 320,800 followers on the social media platform X that memecoin SPX6900 (SPX) seems to have accomplished an ABC correction on the eight-hour chart, suggesting that the coin has printed a sturdy backside.
Bluntz practices the Elliott Wave concept, which states that an asset is primed to ignite rallies after finishing an ABC correction.
“Excellent SPX pullback right here after testing prior all-time excessive for the primary time, the following take a look at blasts by means of in my view, nonetheless among the finest charts [with a] lower than $1billy (billion) market cap in my view.”
Taking a look at his chart, the dealer suggests SPX enhance to $2.10.
SPX is buying and selling for $1.47 at time of writing, up 17.5% within the final 24 hours.
The analyst can also be bullish on the substitute intelligence (AI)-focused crypto venture ai16z (AI16Z). Based on Bluntz, the altcoin appears to be coming into an uptrend after a retest of the Fibonacci retracement degree at $0.16.
Merchants use the Fibonacci retracement device to identify potential entry and exit factors based mostly on the Fibonacci ratio.
“Lengthy ai16z once more right here was one leg too early the opposite week, however wanting like a powerful response from the 0.78 fib right here and nonetheless appears like a transparent 5 up and subsequent abc correction. Anticipating recent highs above $0.45.”
AI16Z is buying and selling for $0.17 at time of writing, up 7% within the final 24 hours.
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