Altcoin Trader Announces Bullish Outlook, Shares New Perspective on Bonk and Another Solana Meme Coin
In a recent shift, prominent cryptocurrency analyst and trader Bluntz, known for his large following on social media, has expressed a bullish outlook on altcoins. This change in perspective is driven by the Bitcoin dominance (BTC.D) metric showing a bearish divergence, a technical setup that suggests altcoins may outperform Bitcoin in the near term.
At the time of writing, BTC.D stands at 65.34%, indicating that altcoins could potentially gain value faster than Bitcoin. This bearish divergence occurs when the price is recording higher highs and higher lows while an indicator such as the Relative Strength Index (RSI) is recording lower highs.
One altcoin that Bluntz has highlighted for potential gains is BONK, a coin currently trading for $0.00001614. The trader believes that BONK, a Solana (SOL)-based memecoin, could more than double in price after breaking out of a descending trendline on the five-day chart.
Another altcoin that has caught Bluntz's attention is Useless Coin (USELESS), a SOL-based memecoin currently trading for $0.248. Despite a dip of 7.6% in the last 24 hours, the coin is still being bought up every day. With a market cap of $247.5 million, USELESS is the 256th largest crypto project. The trader believes USELESS could hit the level around $0.50 as it remains in a strong uptrend.
Interestingly, despite the dip, USELESS's market cap looks within reach of $500 million. This milestone, if achieved, would significantly boost the coin's position in the crypto market.
Bluntz's bullish stance is rooted in both technical indicators and broader market sentiment, which currently favors risk assets and liquidity-driven growth for altcoins. His prediction of potential gains for BONK and USELESS underscores his confidence in the altcoin market's potential for growth in the near future.
The Bitcoin dominance (BTC.D) metric, currently at 65.34%, indicates that altcoins like BONK and Useless Coin (USELESS) could potentially gain value faster than Bitcoin, given their strong performance and favorable market conditions. Cryptocurrency trader Bluntz, who has highlighted both BONK and USELESS for potential gains, believes that these altcoins could more than double in price for BONK and hit the level around $0.50 for USELESS, due to their technical setup and broader market sentiment favoring risk assets and liquidity-driven growth for altcoins.
