A broadly adopted crypto analyst and dealer is expressing bearish sentiment on a top-50 memecoin by market cap.
The analyst pseudonymously generally known as Bluntz tells his 258,100 followers on the social media platform X that dogwifhat (WIF), which is constructed on the Solana (SOL) blockchain, may drop by round 66% from the present stage.
In keeping with Bluntz, who repeatedly applies the Elliott Wave concept in his technical evaluation, WIF is probably going within the technique of finishing a corrective three-pattern wave. In keeping with the Elliott Wave concept, the primary development of the worth of an asset strikes in a five-wave sample whereas a correction happens in a three-wave sample.
Primarily based on the pseudonymous analyst’s chart, it seems that WIF may backside out at across the $1 value earlier than resuming an upward development to new all-time highs.
WIF, which is at present the Forty third-largest crypto asset by market capitalization, is buying and selling at $2.94 at time of writing. The Solana-based memecoin reached a low of $0.069 on January 10, a achieve of 42.61x in 4 months.
Apart from Bluntz, the analyst pseudonymously generally known as Credible Crypto additionally says that he expects WIF, in addition to different memecoins, to fall. In keeping with Credible Crypto, WIF may drop by round 47% from the present stage.
“Should you nonetheless haven’t taken a glance and/or refused to open your thoughts to the presumably of a sub $2 WIF and main drops throughout the board for Dogecoin (DOGE) and different memes, it’s not too late.”
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Examine Worth Motion
Comply with us on X, Fb and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any losses you could incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please notice that The Every day Hodl participates in affiliate marketing online.
Generated Picture: DALLE3
