A widely respected cryptocurrency trader has warned that one low-cost memecoin built on the Solana (SOL) blockchain could suddenly witness a bearish reversal.
Alien trader Bluntz told his 286,900 followers on social media platform
Bluntz practices the Elliott Wave theory, which states that bullish assets tend to witness rallies after completing an ABC decline. According to analysts, MOODENG has risen too quickly and needs a significant correction before taking the next step.
“It might be wishful thinking, but I’d like to see Moo Deng added as a white box here. It’s starting to get a little too parabolic for my taste.”
Moo Deng hit a high of $0.335 on November 8, up more than 2,000% from $0.0154 on September 20.
Next, the analyst believes memecoin Pepe (PEPE) may outperform Solana-based memecoin dogwifhat (PEPE/WIF) after printing an ABC correction on the daily time frame.
“I really like WIF, but PEPE/WIF gives me a huge performance boost. “I always try to ride the fastest horse and PEPE is looking very fast against several cross pairs at the moment.”
As of this writing, PEPE is worth $0.0000105.
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