A dealer recognized for making well timed altcoin calls thinks that one memecoin is gearing up for a giant upside burst.
Pseudonymous analyst Bluntz tells his 261,500 followers on the social media platform X that whereas he’s medium-term bearish on meme token dogwifhat (WIF), he thinks the altcoin is poised for a giant bounce.
In accordance with Bluntz, WIF is flashing a number of bullish indicators suggesting that it could witness a reduction rally earlier than persevering with its downtrend.
“Regardless that I believe on excessive timeframe WIF seems to be cooked and destined for $1, I additionally imagine a 50% bounce first may very well be on the playing cards.
We are able to see 5 waves down from the $4 decrease excessive and good bullish divergences on the four-hour, eight-hour, and 12-hour [charts]. Anticipating a countertrend ABC as much as round $3-3.4 to rope everybody again in once more. Shorting these ranges undoubtedly not sensible in my view.”
Bluntz practices the Elliott Wave principle, a technical evaluation method that makes an attempt to foretell future value motion by following crowd psychology that tends to manifest in waves. In accordance with the idea, a bearish asset typically witnesses a five-wave transfer down adopted by a three-wave ABC correction upward.
Primarily based on the dealer’s chart, he appears to foretell that WIF has accomplished a five-wave transfer down and now seems to be poised to ignite an ABC bounce.
However after the bounce, Bluntz sees WIF falling to round $1.
At time of writing, WIF is buying and selling for $2.57.
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