The cryptocurrency market has recently attracted attention with great volatility and rapid price movements. While this mobility offers significant opportunities for investors, it also brings risks. Taking advantage of these dynamics of the market, popular analyst Bluntz announced that he has bullish expectations about a meme coin that is built on the Solana (SOL) ecosystem and has shown a striking performance recently.
The asset on Bluntz’s radar was the undervalued meme coin Myro (MYRO). What caught the analyst’s attention point Myro showed an upward movement following the double-digit correction on its eight-hour charts. The analyst states that this correction offers a buying opportunity and has a significant upside potential. In his analysis using Elliott Wave Theory, Bluntz suggests that MYRO is approaching the final leg of a five-wave pattern and could reach an all-time high of $0.55, an increase of around 163% from the current price.
Elliott Wave theory is a popular technical analysis approach that analyzes price movements through specific wave patterns. The five-wave structure generally indicates that an asset is in an uptrend and usually results in a strong price increase. According to theory, a bullish asset goes through a five-wave process, where the first, third and fifth waves are periods of rapid price acceleration. The theory also holds that every major wave consists of smaller movements known as sub-waves.
The analyst used the following statements for MYRO:
“There’s a nice MYRO catch-up move here for those who missed Dogwifhat. But Dogwifhat will still perform better.”
Bluntz also stated that Dogwifhat will also show a potential rise, revealing the need to focus on other assets in the market. In his assessment on Dogwifhat, Bluntz suggested that WIF could complete the fifth wave on the daily chart and reach an all-time high of just under $5.
welp, i raised stop on my $wif longs the last few days because I didn’t want to round trip an insane trade and they just hit.
im now a no hater, feel free to HFSP me if it makes new ath’s pic.twitter.com/MaOrCmBed2
— Bluntz (@Bluntz_Capital) March 20, 2024
As a result, as Bluntz emphasized with his analysis, low-value cryptocurrencies, especially Myro, can hold significant upside potential in the market. However, when evaluating this potential, it is important not to ignore the risks and create a solid investment strategy.
You can access current market movements here.
