A widely followed cryptocurrency analyst and trader is growing bullish on a decentralized storage altcoin project.
The analyst, pseudonymously known as Bluntz tells According to its 239,700 followers on social media platform
“FIL is on the verge of the most scandalous pump, the two-year accumulation range has almost disappeared.”
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 at $11,390.
Filecoin is trading at $11.57 at the time of writing, up more than 14% in the last 24 hours.
Filecoin launched in October 2020 with the backing of major crypto venture firms, including Winklevoss Capital, the venture capital firm co-founded by Bitcoin (BTC) billionaire twins Tyler Winklevoss and Cameron Winklevoss – the duo who created the crypto exchange platform Gemini .
Then the trader doubles on his prediction that the Solana (SOL)-based memecoin dogwifhat (WIF) will reach $3. He believes WIF could ultimately reflect the price pattern depressed by crowd-computing platform Nosana’s (NOS) proprietary assets.
“Visual representation (below) of what I think is happening.”
Finally, the trader say Solana competitor Sei (SEI) appears to be on the verge of forming a fifth surge towards the $1.40 level.
“Let the god candle begin.”
Bluntz uses Elliott Wave theory, a technical analysis approach that attempts to predict future price action by monitoring the psychology of the crowd that often manifests itself in waves. According to the theory, a bullish asset goes through a five-wave period before entering a three-wave correction period.
SEI is trading at $0.904 at the time of writing, down more than 1% in the last 24 hours.
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Generated image: DALLE3