The cryptocurrency market witnessed strong gains in the first quarter. Some meme coins in particular attracted attention with explosive price increases. However, in May the color of the market turned predominantly red. Thus, many meme coins began to slide down from their peaks. Two analysts, who have gained a large following with their predictions in the market, predict sharp declines for a meme coin that made explosive moves at the time.
Bluntz predicts crash and then rally for that meme coin in focus!
cryptokoin.comAs you can see from , there is a stifling atmosphere in the market. It remains unclear in which direction the stuck market will move. However, analysts predict a sharp decline for some tokens. Popular analyst with the pseudonym Bluntz says that Solana-based meme coin project dogwifhat (WIF) could fall by around 66% from its current level.
The analyst regularly applies Elliott Wave theory in his technical analysis. According to Bluntz, WIF is likely in the process of completing a corrective three-pattern wave. According to Elliott Wave theory, the main trend of an asset’s price moves in a five-wave formation. The correction occurs in a three-wave formation. According to his chart, the analyst predicts that WIF will bottom around the $1 price. However, it predicts an upward trend towards all-time highs after this crash.
WIF is currently the 38th largest crypto asset by market cap. At the time of writing, the meme coin was trading at $2.87 with a slight daily loss. WIF was trading as low as $0.069 on January 10. However, it hit all-time highs of 42.61 times earnings within four months.
Credible Crypto also expects a sharp decline for WIF
Besides Bluntz, another popular analyst with the pseudonym Credible Crypto also expects WIF and other meme coins to decline. According to Credible Crypto, WIF is likely to fall by around 47% from its current level. In this context, the analyst makes the following statement:
People are starting to pay attention to what I’ve been saying for weeks. If you still haven’t taken a look and/or refused to open your mind to the possibility of a sub-$2 WIF and major declines across the board for Dogecoin (DOGE) and other meme coins, it’s not too late.
In his later statement, the analyst states that he has not opened a short position in WIF yet. In this context, the analyst says:
I’m letting you all know right now! I haven’t shorted WIF yet because I was looking for a higher entry that we didn’t get. However, if we buy… I will definitely open a short. If/when this happens, don’t start crying about manipulation. Because I’m telling you the plan right now.
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