An analyst who has earned the Master Trader rank on the crypto exchange Bybit believes memecoins are starting to flip bullish.
Pseudonymous analyst Bluntz tells his 328,100 followers on X that the meme token Pudgy Penguins (PENGU) is flashing a bullish reversal signal on the eight-hour chart.
“When this PENGU wedge inevitably breaks, I think it will full send. In fact, all memes are low-key starting to look really good again.”
At time of writing, PENGU is trading at $0.323, up over 12% on the day.
Another memecoin on the trader’s radar is Useless Coin (USELESS). Bluntz says USELESS appears to have completed an ABC correction on the daily chart, suggesting new rallies are in sight.
The trader practices the Elliott Wave theory, which states that a bullish asset tends to launch a five-wave surge after concluding an ABC corrective wave.
“Got a lot of hate for saying this, but this was in fact the top before a 63% pullback.
In saying that, I think the ABC is now looking done on USELESS.”
At time of writing, USELESS is worth $0.245, up over 14% in the last 24 hours.
The last coin on the trader’s roster is SPX6900 (SPX). The trader shares a chart suggesting that SPX has already broken out of a bullish reversal pattern on the 12-hour chart.
“SPX leading the pack, always seems to be an early runner in the meme category.”
At time of writing, SPX is trading for $0.000399, up 3.61% on the day.
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