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 accordance with Bluntz, WIF is flashing a number of bullish indicators suggesting that it might witness a reduction rally earlier than persevering with its downtrend.
“Despite the fact that I believe on excessive timeframe WIF appears to be like cooked and destined for $1, I additionally consider a 50% bounce first may very well be on the playing cards.
We are able to 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 undoubtedly not good in my view.”
Bluntz practices the Elliott Wave concept, a technical evaluation strategy that makes an attempt to foretell future worth motion by following crowd psychology that tends to manifest in waves. In accordance with the speculation, 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 appears to be like 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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