Widely followed analyst Bluntz suggests that the top 50 coin, a meme coin built on the Solana (SOL) network, could fall nearly 66% from its current level. According to Bluntz, who regularly applies Elliott Wave theory in his technical analysis, this meme is coin dogwifhat (WIF).
Widely followed analyst Bluntz is known as a name that keeps his finger on the pulse of the cryptocurrency world. In his latest analysis, he expects a decline in dogwifhat (WIF) price. explained. Bluntz regularly applies Elliott Wave theory in his technical analysis and uses this theory to suggest that WIF is likely in the process of completing a corrective three-pattern wave.
According to Elliott Wave theory, price movements proceed in a certain pattern. The main trend begins with a five-wave bullish or bearish wave, followed by a corrective three-wave move. According to Bluntz’s analysis, WIF’s price action is also consistent with this theory and we may see a corrective move soon.
According to Bluntz’s charts, WIF’s upward trend towards all-time highs may weaken with a corrective move first. This correction move is expected to reach a bottom level around $1. However, after this decline, it seems likely that WIF will continue its upward trend and hit new highs.
Bluntz’s analysis can be an important guide for investors. WIF, currently the 39th largest crypto asset by market cap, is trading at $2.87 at the time of writing. Solana-based meme coin has increased 42.61 times in about four months from its $0.069 level on January 10.
Along with Bluntz, the analyst known as Credible Crypto also says he expects WIF and other meme coins to decline. According to Credible Crypto, WIF could fall around 47% from current levels.
“If you still haven’t taken a look and/or refused to open your mind to the possibility of a WIF below $2 or the possibility of major declines for Dogecoin (DOGE) and other meme coins, it’s not too late.”
You can access current market movements here.
