A widely followed crypto analyst and trader is expressing bearish sentiment on a top-50 memecoin by market cap.
The analyst pseudonymously known as Bluntz tells his 258,100 followers on the social media platform X that dogwifhat (WIF), which is built on the Solana (SOL) blockchain, could drop by around 66% from the current level.
According to Bluntz, who regularly applies the Elliott Wave theory in his technical analysis, WIF is likely in the process of completing a corrective three-pattern wave. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Based on the pseudonymous analyst’s chart, it appears that WIF could bottom out at around the $1 price before resuming an upward trend to new all-time highs.
WIF, which is currently the 43rd-largest crypto asset by market capitalization, is trading at $2.94 at time of writing. The Solana-based memecoin reached a low of $0.069 on January 10, a gain of 42.61x in four months.
Besides Bluntz, the analyst pseudonymously known as Credible Crypto also says that he expects WIF, as well as other memecoins, to fall. According to Credible Crypto, WIF could drop by around 47% from the current level.
“If you still haven’t taken a look and/or refused to open your mind to the possibly of a sub $2 WIF and major drops across the board for Dogecoin (DOGE) and other memes, it’s not too late.”
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