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 keeping with Bluntz, WIF is flashing a number of bullish indicators suggesting that it might witness a reduction rally earlier than persevering with its downtrend.
“Although I believe on excessive timeframe WIF seems to be cooked and destined for $1, I additionally consider a 50% bounce first could possibly be on the playing cards.
We will 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 good for my part.”
Bluntz practices the Elliott Wave principle, a technical evaluation method that makes an attempt to foretell future worth motion by following crowd psychology that tends to manifest in waves. In keeping with the idea, a bearish asset usually 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.
Do not Miss a Beat – Subscribe to get electronic mail alerts delivered on to your inbox
Examine Value Motion
Comply with us on X, Fb and Telegram
Surf The Day by day Hodl Combine
 
Disclaimer: Opinions expressed at The Day by day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any losses you might incur are your duty. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please observe that The Day by day Hodl participates in affiliate internet marketing.
Generated Picture: Midjourney
