A top trader has warned that Memcoin has more downside potential against its popular Solana (SOL)-based Dogecoin (DOGE) rival.
In a video posted on social media platform
According to the analyst, WIF witnessed a 109-day bullish trend earlier this year, which led him to expect a similar number of bearish days for the memecoin.
“It has been (85) days since the withdrawal began… in terms of time, it is a 1:1 extension… until July.”
As for the downward price target for WIF, the analyst said traders will be interested in WIF when it capitulates as the price of memecoin falls to around $1.
“So what I expect is that we have to keep working. I think 0.78 (the Fibonacci retracement level) will be tapped… Ultimately, I think it will be an absolutely devastating long-term entry for WIF.”
Bluntz practices Elliott Wave theory, a technical analysis approach that attempts to predict future price movements by following herd psychology, which tends to appear in waves. The theory is that bullish assets often have five-wave uptrends, followed by a three-wave ABC correction period.
Looking at the trader’s charts, it seems to suggest that WIF has already completed a five-wave rally and is currently at the tail end of its ABC correction.
As of this writing, WIF is worth $1.85.
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