A dealer recognized for making well timed altcoin calls thinks that one memecoin is gearing up for an enormous 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 an enormous 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.
“Regardless that I feel on excessive timeframe WIF seems cooked and destined for $1, I additionally consider a 50% bounce first might 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 positively not good 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 keeping with the speculation, a bearish asset typically witnesses a five-wave transfer down adopted by a three-wave ABC correction upward.
Based mostly on the dealer’s chart, he appears to foretell that WIF has accomplished a five-wave transfer down and now seems 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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