Memecoin Bonk Set for Rally as Analyst Predicts Strong Week

A crypto strategist ranked as a "Master Trader" on Bybit believes that Solana-based memecoin Bonk (BONK) is set for a strong performance this week, despite the recent downturn in the market.

Known by the pseudonym Bluntz, the analyst shared that BONK is currently in the midst of a five-wave rally, a pattern commonly associated with bullish momentum. Bluntz, an advocate of the Elliott Wave theory, suggests BONK could see a surge to $0.000033.

swift post weekly dip here which is ideal, $bonk in prime position for a turbo green week imo.

parabola soon. https://t.co/Diz9Ncasph pic.twitter.com/iZJbUMhscf

— Bluntz (@Bluntz_Capital) September 30, 2024

After observing a brief dip, Bluntz noted that BONK is in an ideal position for a recovery and is primed for what he describes as a “turbo green week.” As of now, BONK is trading at $0.00002023, down 20% in the past 24-hours.

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In addition, Bluntz compared BONK’s price action to that of fellow memecoin Pepe (PEPE), suggesting that BONK is ready to outperform PEPE after showing a higher-low formation, a strong indicator of upward potential. He remarked that “the leader torch is being passed from PEPE to BONK.”

looks like the leader torch is being passed from $pepe over to $bonk.

higher low being put in on the bonk/pepe chart https://t.co/xE19mvMM5q pic.twitter.com/s5mH8v7cYb

— Bluntz (@Bluntz_Capital) September 30, 2024

Despite this, Bluntz remains optimistic about PEPE as well, viewing its current dip as a setup for another rally, expecting it to climb to $0.000013 before completing its own five-wave cycle. PEPE is currently trading at $0.00001, and Bluntz views the present correction as a key opportunity for investors waiting to enter the market.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.