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.
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The post Altcoin Backed by Bitcoin Billionaires on the Cusp of ‘Outrageous Pump,’ According to Top Analyst appeared first on The Daily Hodl.