The widely respected cryptocurrency analyst and trader is expressing bearish sentiment on the top 50 memecoins by market capitalization.
Analyst known by the pseudonym Bluntz says dogwifhat (WIF)’s social media platform
According to Bluntz, who regularly applies Elliott Wave theory to technical analysis, WIF is likely on its way to completing a corrective three-pattern wave. According to Elliott Wave Theory, major trends in asset prices move in a five-wave pattern and corrections occur in a three-wave pattern.
According to a chart from an anonymous analyst, it looks like WIF could bottom out around $1 before resuming its upward trend to new all-time highs.
Currently the 43rd largest cryptocurrency asset by market capitalization, WIF is trading at $2.94 at the time of this writing. The Solana-based memecoin reached a low of $0.069 on January 10, marking a 42.61x increase in four months.
In addition to Bluntz, there is also an analyst known by the pseudonym Credible Crypto. Called He expects WIF and other memecoins to fall. According to Credible Crypto, WIF could fall by around 47% from current levels.
“If you haven’t yet looked at WIF below $2 and the potential for a massive downside for Dogecoin (DOGE) and other memes, or have refused to open your mind, it’s not too late.”
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