Widely Followed Crypto Analyst Expressed Optimism Towards the Performance of Bonk (BONK)

A widely followed crypto analyst recently expressed optimism towards the performance of one of the memecoins running on top of Solana (SOL).

Jakarta, Pintu News – A widely followed crypto analyst recently expressed optimism towards the performance of one of the memecoins running on top of Solana (SOL).

Although it has already recorded more than 60% gains this month, the memecoin, Bonk (BONK), is predicted to experience an even higher price surge. The analyst, who goes by the pseudonym Altcoin Sherpa, has shared his analysis with his 245,000 followers on social media platform X.

Analysis on Bonk (BONK)

Altcoin Sherpa pointed out that Bonk (BONK) just broke out of the accumulation zone on the three-day chart, signaling a potential price increase. Based on the shared chart, BONK has the potential to rise all the way to $0.0000262 after successfully crossing the resistance at $0.0000142. Currently, Bonk is trading at $0.0000182. The analyst also expressed his desire to add to his position on BONK in the event of a small price drop.

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Actual Testing for Pudgy Penguins (PENGU)

In addition to Bonk, Altcoin Sherpa also observed the performance of the native asset of the non-fungible token (NFT) project Pudgy Penguins (PENGU). According to him, PENGU needs to form a bullish higher low setup around $0.0065 to initiate a reversal from the downward trend that has lasted several months. Otherwise, there is a possibility that PENGU will drop down to $0.004. Currently, PENGU is trading at $0.00985, and the analyst suggests that PENGU could surge up to $0.014 if it manages to form the expected higher low.

General Altcoin Market Outlook

Although some altcoins showed price gains this month, Altcoin Sherpa reminds that most are still in a bearish market structure in the long term. However, the analyst remains optimistic and thinks that the altcoin market may start forming the basis of a major cycle that will lead to a bullish reversal. Nonetheless, he emphasized the importance of being cautious as the still bearish market structure could lead to a continued downward trend.

With Altcoin Sherpa’s analysis in mind, investors and crypto market watchers need to keep an eye on how Bonk and Pudgy Penguin develop. While there is potential for gains, especially with memecoins often subject to rapid and significant price movements, the risks should not be underestimated, especially given that many altcoins are still in bearish trends. The decision to buy at the next low should be made with caution and a clear understanding of the market dynamics at play.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.