A broadly adopted cryptocurrency dealer is warning that one low-cap memecoin constructed on the Solana (SOL) blockchain could abruptly witness a bearish reversal.
Pseudonymous dealer Bluntz tells his 286,900 followers on the social media platform X that the hippopotamus-themed memecoin Moo Deng (MOODENG) appears to be like to be within the midst of an ABC corrective transfer after briefly shattering the $0.30 stage.
Bluntz practices the Elliott Wave idea, which states {that a} bullish asset tends to witness rallies after finishing an ABC transfer down. In accordance with the analyst, MOODENG moved too excessive too quick it wants a major correction earlier than the following leg up.
“Might be wishful pondering however I’d like to see a pullback right here on Moo Deng into white field so as to add. Beginning to get a wee bit too parabolic for my liking.”
Moo Deng hit a excessive of $0.335 on November eighth, up greater than 2,000% from $0.0154 on September twentieth.
Subsequent up, the analyst believes that memecoin Pepe (PEPE) could outperform the Solana-based memecoin dogwifhat (PEPE/WIF) after printing an ABC correction on the day by day timeframe.
“Am an enormous WIF enjoyer however PEPE/WIF is giving me huge outperformance vibes. All the time attempting to be within the quickest horses and PEPE is wanting fairly quick proper now towards a number of cross pairs.”
At time of writing, PEPE is price $0.0000105.
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