One memecoin running on Solana (SOL) is showing signs of a bullish reversal, says one analyst who continues to build a following with timely altcoin calls.
Household analyst Bluntz told his 255,700 followers on social media platform
“$1.80 fell straight to 0.618 in WIF.
So far the response is promising and I hope this is the bottom, but I will wait for an impulsive 5 wave rise on the lower time frame (i.e. 30 minutes to 1 hour for confirmation).”
Bluntz practices the Elliott Wave theory, which states that bullish assets undergo ABC corrective movements before witnessing a new five-wave rally.
Following the WIF analysis, Bluntz said memecoin’s recent price action suggests a move to the upside.
“There was a nice five wave rise from the low and we also have ABC.
I think WIF looks good, put your hat back on.”
As of this writing, WIF is worth $2.64.
Bluntz is also bullish on Ethereum (ETH) competitor Near (NEAR). According to traders, NEAR has undergone a correction of more than 50% in just one month, presenting an opportunity for long-term holders.
“NEAR has so much to do right now.
A 50% drop from peak to trough, with 5 sub-waves visible in the C wave and a clear ABC coming down from the high as the 4-hour Relative Strength Index (RSI) is extremely oversold at levels not seen since the literal low of $1.
I think this will be a great entry at the right time.”
As of this writing, NEAR is worth $5.46, up more than 26% from its April low of $4.31.
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