Popular crypto analyst Bluntz is expecting a very strong run from a Solana-based meme coin. Analyst Lockridge Okoth says that leading altcoin rival Cardano is ready to make a 30 percent move.
Bluntz expects a pretty strong run from WIF!
cryptokoin.comAs you follow from , today is the day of the bulls. While the leading cryptocurrency Bitcoin exceeds 47 thousand dollars, morale in the market is high. In this positive environment, analysts expect explosive moves from some tokens. Popular analyst nicknamed Bluntz says the bearish three-wave pattern on the daily chart of Solana-based meme coin dogwifhat (WIF) may be coming to an end.
In his work, analysts regularly use Elliott Wave theory, a technical analysis concept that states that major trends occur in five-wave patterns and corrections occur in three-wave patterns. Based on his chart, Bluntz predicts WIF’s price will rise approximately 272% from its current level in a five-wave pattern.
ADA has hit the bottom recently, now it’s time to rise!
The bear trend in Cardano (ADA) prices has continued since mid-December. Altoin fell approximately 30% during this period. The altcoin faced the blockade represented by the bearish trend line. Therefore, the price has most likely bottomed out. Increasing buying pressure is likely to cause ADA price to break through the trend line and face the resistance combination between the 50-day Simple Moving Average (SMA) and the horizontal line at $0.5419.
Beyond this level, $0.5908 acts as a price roadblock among the key levels to watch. This target is 10% above the current price. Also, key levels include a higher at $0.6412. In case of a strong uptrend, ADA price is possible to reach $0.680. This means a 30% increase from its current level.
On-chain metrics supporting a bullish outlook for the altcoin
According to Santiment’s social dominance and social volume metrics, the number of mentions for the ADA token is increasing relative to the other token pool on crypto-related social media. These add credibility to the bull thesis.
There is also an increase in the volume metric. Additionally, whale transactions involving ADA movements worth more than $100,000 are also on the rise. The combination of these two shows that traders are becoming active. This bodes well for the ADA price.
On the other hand, it’s possible that a rejection from the descending trend line could change things. In this case, it is possible that the ADA price will continue below the support of the trend line. Thus, $0.4668 comes to the table, potentially around 10% below current levels.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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