A extensively adopted crypto analyst and dealer is expressing bearish sentiment on a top-50 memecoin by market cap.
The analyst pseudonymously referred to as Bluntz tells his 258,100 followers on the social media platform X that dogwifhat (WIF), which is constructed on the Solana (SOL) blockchain, might drop by round 66% from the present stage.
In line with Bluntz, who recurrently applies the Elliott Wave idea in his technical evaluation, WIF is probably going within the strategy of finishing a corrective three-pattern wave. In line with the Elliott Wave idea, the principle pattern of the value of an asset strikes in a five-wave sample whereas a correction happens in a three-wave sample.
Primarily based on the pseudonymous analyst’s chart, it seems that WIF might backside out at across the $1 worth earlier than resuming an upward pattern to new all-time highs.
WIF, which is presently the Forty third-largest crypto asset by market capitalization, is buying and selling at $2.94 at time of writing. The Solana-based memecoin reached a low of $0.069 on January 10, a achieve of 42.61x in 4 months.
Apart from Bluntz, the analyst pseudonymously referred to as Credible Crypto additionally says that he expects WIF, in addition to different memecoins, to fall. In line with Credible Crypto, WIF might drop by round 47% from the present stage.
“If you happen to nonetheless haven’t taken a glance and/or refused to open your thoughts to the presumably of a sub $2 WIF and main drops throughout the board for Dogecoin (DOGE) and different memes, it’s not too late.”
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