The cryptocurrency market made a strong start to the current year. Leading crypto Bitcoin rose to new highs in March during its bull run. During this period, Solana-based meme coins in particular saw meteoric increases. However, with Bitcoin losing ground in recent days, the meme coin wind has also slowed down. However, an analyst with a large following says that a Solana-based meme coin is showing bullish signals. The analyst also notes that leading altcoin Ethereum is on the rise for a rival.
According to the analyst, WIF is preparing for an upward move!
cryptokoin.comAs you follow from , the crypto market is currently struggling to find direction amidst the uncertainty. However, this situation is not very abnormal due to the nature of this market. So, market players have experienced this a lot. Still, they don’t seem to be in a rush to take a position for now. They spend this wait looking for new opportunities. The analyst nicknamed Bluntz says that one of these opportunities is dogwifhat (WIF). The analyst notes that WIF may have made a local bottom when it dropped to around $1.89 over the weekend.
Bluntz often applies Elliott Wave theory in his analysis. According to this theory, when an asset goes up, it goes through ABC corrective move before witnessing a new five-wave rally. Bluntz says WIF’s recent price action indicates an upward move is coming. In this context, the analyst said, “And here we have a nice five-wave rise from the lows and an ABC as well. I think WIF looks good here. The hats were put back on.”
“This altcoin will prove to be a great entry over time!”
In the meantime, Bluntz is also looking at other altcoin projects in the market that are well-established, apart from meme coins. In this regard, the analyst draws attention to Near (NEAR), the rival of the leading altcoin Ethereum. Additionally, Bluntz notes that he is bullish on NERA. According to the analyst, NEAR offers opportunities for long-term holders after a correction of over 50% in just one month. Bluntz expresses his evaluations for NEAR as follows:
There’s a lot NEAR can do right now. With the 50-trough top, five lower waves visible in wave C, and the 4-hour RSI (relative strength index) from the highs to the downside, net ABC is oversold at levels not seen since the true bottom at $1. I think this will prove to be a great entry over time.
Meanwhile, NEAR was trading up 3.8% at $5.68 on its daily chart at the time of writing. The altcoin has gained over 27% from its April low of $4.31. However, the token has lost approximately 16.5% value over the past week.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!