A extensively 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, might drop by round 66% from the present stage.
In accordance with Bluntz, who commonly applies the Elliott Wave idea in his technical evaluation, WIF is probably going within the strategy of finishing a corrective three-pattern wave. In accordance with the Elliott Wave idea, the principle development of the value of an asset strikes in a five-wave sample whereas a correction happens in a three-wave sample.
Based mostly on the pseudonymous analyst’s chart, it seems that WIF might backside out at across the $1 worth earlier than resuming an upward development to new all-time highs.
WIF, which is presently 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.
Moreover Bluntz, the analyst pseudonymously generally known as Credible Crypto additionally says that he expects WIF, in addition to different memecoins, to fall. In accordance with Credible Crypto, WIF might drop by round 47% from the present stage.
“In the event you nonetheless haven’t taken a glance and/or refused to open your thoughts to the probably 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
Observe us on X, Fb and Telegram
Surf The Day by day Hodl Combine
 
Disclaimer: Opinions expressed at The Day by day Hodl are usually not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any losses you could incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please notice that The Day by day Hodl participates in affiliate internet marketing.
Generated Picture: DALLE3