A widely followed crypto analyst is updating his outlook on one red-hot Solana (SOL)-based memecoin.
Pseudonymous crypto strategist Altcoin Sherpa tells his 201,400 followers on the social media platform X that Shiba Inu (SHIB) rival Bonk (BONK) could still have more upside potential after a massive rally.
“BONK: bulk of move probably over, but I think this could also just continue. In short, I have no idea and it’s extremely hard to ever predict these memes. I don’t think you should short this thing right now though, even if it is in a good area for pullback.”
Looking at the trader’s chart, BONK was retesting a key level Thursday at $0.0000147 after a dip down. However, BONK later soared and is trading for $0.00002864 at time of writing, more than 1,219% from its November 15th close at $0.00000217.
Next up, the trader says that artificial intelligence (AI)-focused altcoin Fetch.ai (FET) could move another leg up after flipping a resistance level at $0.60 into support and nearing a key level at $0.77.
“FET: current level is interesting, but I am still not going to be buying around here. I’m still looking for my main AI play for this cycle to be honest. I have other bags and narratives packed but not this one (yet). $0.90 seems likely in the mid-term to be honest.”
FET is trading for $0.72 at time of writing, up 9.2% in the last 24 hours.
Lastly, the trader says that Ethereum (ETH) competitor Avalanche (AVAX) may dip down to $30 based on Fibonacci retracement levels and the 200-day exponential moving average (EMA).
“AVAX: the 200 EMA on the four-hour will get tapped eventually. I don’t know when but I would be patient. Look for $30 and lower eventually if this is the mid-term top. I have a spot bag of AVAX that I plan to keep holding for a while.”
AVAX is trading for $39.54 at time of writing, up slightly in the last 24 hours.
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