A widely known cryptocurrency analyst and trader is predicting a massive rise for one of the largest cryptocurrencies, Mimecoin.
Anonymous crypto strategist Blunts told his 267,900 followers on social media platform X that meme asset DogwhipHat (WIF) could soar by more than 495% from its current value.
“The next $10 is inevitable.”
Analysts use Elliott Wave Theory, which explains that bullish assets tend to go through a five-wave rally after completing an ABC corrective move.
With WIF dropping to $1.11 this week, Bluntz believes that WIF’s ABC correction is likely over and Mimecoin is ready for a massive upside move.
“I think the safe bet is to wait for a recovery to $1.60 on a daily close. That would be confirmation that there is a low.”
At the time of writing, WIF is trading at $1.68, up 6% over the last 24 hours.
The analyst then said that smart contract platform Solana (SOL) may have experienced a swing failure pattern (SFP) after bouncing back from $110.
“The 3-day SFP will be converted to a weekly SFP. It’s great to see.”
SFP is often looked at by traders as a potential reversal point.
He also said that SOL may have completed its ABC corrective wave and the market correction is probably over.
“At this point I think ABC is probably done, we’ve bottomed out on SOL, and $95 is now off the table.”
As of this writing, Solana is priced at $155, up more than 9% in the last 24 hours.
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