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Home»ALTCOIN NEWS»Top trader warns of trouble for Memecoin, which exploded more than 69,000% in less than 4 months – here’s his outlook:
ALTCOIN NEWS

Top trader warns of trouble for Memecoin, which exploded more than 69,000% in less than 4 months – here’s his outlook:

By Crypto FlexsApril 6, 20242 Mins Read
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Top trader warns of trouble for Memecoin, which exploded more than 69,000% in less than 4 months – here’s his outlook:
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A widely followed trader is expressing bearish sentiment towards the months-old memecoin built on top of Solana (SOL).

Trader known by the pseudonym Bluntz says 253,400 followers on social media platform X scheduled for correction by dogwifhat (WIF).

According to an anonymous trader who applies Elliott Wave theory to technical analysis, WIF appears to have completed its five-wave rally and is now ready to enter the ABC correction wave.

According to Elliott Wave theory, bullish assets tend to witness ABC corrections after completing a five-wave upward movement.

Blunts says:

“I think macro 5 (wave) from scratch in WIF could be completed here, with all waves accounted for and a long drawdown ABC probably underway before the next parabolic leg.”

Source: Bluntz/X

According to Bluntz’s chart, analysts are predicting WIF to fall to $1, about 69% below its current price, which is also in line with the 0.786 Fibonacci retracement level. Technical analysis uses Fibonacci retracement levels to identify potential areas of support and resistance.

WIF is trading at $3.32 at the time of this writing, an increase of approximately 69,356% from its opening price of $0.00478 on December 15th.

Bluntz also offers his own predictions for Solana. Depending on the Solana, a widely admired trader, says a corrective three-wave pattern is underway that could see the fifth-largest cryptocurrency asset by market capitalization fall about 7% from current levels.

“I think we’ll sweep $160 before we think about what’s next for SOL.”

video
Source: Bluntz/X

Solana is trading at $172 at the time of this writing.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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