Top Trader Issues Warning on Memecoin That’s Exploded Over 69,000% in Under Four Months – Here’s His Outlook
A popularly obeyed trader is expressing bearish belief on a months-old-fashioned memecoin gained on Solana (SOL).
The trader pseudonymously known as Bluntz notifies his 253,400 fans on the social media lookout X that dogwifhat (WIF) may be due for a modification.
According to the pseudonymous trader who uses the Elliott Wave concept in his techie analysis, WIF shows up to have finalized a five-wave rally and currently appearances capped to obtain in an ABC corrective wave.
The Elliott Wave concept cases that a desirable asset regularly tends to witness an ABC modification after completing a five-wave upside sliding.
Says Bluntz,
“I assume the macro 5 [wave] upward from inception on WIF can be implemented below, with one voice waves accounted for and a long lured out ABC probably underway before the next allegorical leg.”
Based on Bluntz’s charts, it shows up that the analyst is prophesying WIF to fall to $1, about 69% below the present price, which also integrates wearing the 0.786 Fibonacci retracement level. In techie analysis, Fibonacci retracement levels are presented to ascertain possibility strengthen and resistance places.
WIF is trading at $3.32 at time of writing, upward by around 69,356% from the December 15th opening price of $0.00478.
Bluntz also bargains his projection on Solana. According to the popularly obeyed trader, a correctional three-wave craze is underway for Solana that can result in the 5th-largest crypto asset by demographic cap dropping by around 7% from the present level.
“A move of $160 shows up potential to me before we can assume about the next leg upward on SOL in my opinion.”
Solana is trading at $172 at time of writing.
Produced Pic: DALLE3
