A prominent crypto trader suggests that meme coins like PEPE PEPE/USD, Dogwifhat WIF/USD and Popcat POPCAT/USD are poised for potential breakouts based on a technical indicator.
What Happened: The Elliott Wave theory posits that a bullish asset often undergoes a five-wave rally before reaching its peak and usually rebounds after completing an ABC correction.
Pseudonymous analyst Bluntz‘s chart analysis indicates that PEPE may have concluded its ABC correction and could be entering a new wave of bullish momentum.
Currently, PEPE is trading at $0.00009672, down 14% in the past 24 hours.
Turning attention to Dogwifhat, a meme token built on the Solana SOL/USD blockchain, Bluntz points out that the altcoin has recently broken past a diagonal resistance level, which had kept it bearish for several months.
In a message to the community, he said, “GM (good morning) my hatted bros,” suggesting a positive outlook for the token.
Also Read: Bitcoin Plunges Below $62K As Iran Launches Missile Attack On Israel
As of now, WIF is trading at $2.35, well above its previous resistance level but down 9% in the past 24 hours.
Bluntz is also closely watching Popcat, indicating that the meme coin appears ready to break out to new all-time highs.
“POPCAT looking good again here, nice ABC down on 4-hour chart just underneath all-time highs, the next leg should break,” he commented.
He hinted at a potential surge, predicting POPCAT could climb to a fresh high of $1.25. Currently, POPCAT is valued at $1.01 and only down 3% in the past 24 hours, hinting at a possible rally in the near future.
What’s Next: Such developments in the meme coin market, alongside other trends in digital assets, will be discussed at Benzinga’s Future of Digital Assets event on Nov. 19.
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