A widely followed cryptocurrency analyst and trader is turning bullish on one decentralized storage altcoin project.
The analyst pseudonymously known as Bluntz tells his 239,700 followers on social media platform X that peer-to-peer file storage network Filecoin (FIL) has more upside potential after breaking out of a long-term accumulation phase.
“FIL is on the cusp of the most outrageous pump, two-year accumulation range almost cleared.”
Looking at his chart, the trader suggests that FIL has broken above its diagonal resistance and is now poised to move above its multi-year high of $11.390.
Filecoin is trading for $11.57 at time of writing, up over 14% in the last 24 hours.
Filecoin launched in October of 2020 with the backing of large crypto venture firms, including Winklevoss Capital, the venture capital company co-founded by the Bitcoin (BTC) billionaire twins Tyler Winklevoss and Cameron Winklevoss – the duo who created the crypto exchange platform Gemini.
Next up, the trader doubles down on his prediction that the Solana (SOL)-based memecoin dogwifhat (WIF) will hit $3. He believes WIF could eventually mirror the price pattern printed by the native asset of the crowd-computing platform Nosana (NOS).
“Visual representation (below) of what I think happens.”
Lastly, the trader says Solana competitor Sei (SEI) appears to be on the verge of forming a fifth-wave surge to the $1.40 level.
“Let the god candle commence.”
Bluntz uses the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave surge before entering a three-wave corrective period.
SEI is trading for $0.904 at time of writing, down more than 1% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Credit: Source link
