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 line with Bluntz, WIF is flashing a number of bullish alerts suggesting that it might witness a aid rally earlier than persevering with its downtrend.
“Despite the fact that I believe on excessive timeframe WIF seems cooked and destined for $1, I additionally imagine a 50% bounce first may very well 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 sensible in my view.”
Bluntz practices the Elliott Wave concept, a technical evaluation method that makes an attempt to foretell future worth motion by following crowd psychology that tends to manifest in waves. In line with the idea, a bearish asset usually 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.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Verify Worth Motion
Observe us on X, Fb and Telegram
Surf The Day by day Hodl Combine
 
Disclaimer: Opinions expressed at The Day by 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 it’s possible you’ll incur are your duty. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please observe that The Day by day Hodl participates in affiliate marketing online.
Generated Picture: Midjourney
