Unknown to many, a top-tier trader issued an alert about the popular Solana.SOLDogecoin (DOGEThe memecoin is a more dangerous rival.
Bluntz, a pseudonymous social media analyst posted a video on the platform X. tells The meme dogwifhat is a symbol that has 263,200 followers.WIFThe. could be subjected to more correctional moves next Three to four week.
The analyst believes that WIF experienced a 109 day uptrend in the first half of this year. He therefore expects a number of days where the memecoin will be bearish.
“We are [85] days into the pullback… In terms of time, a 1:1 extension… that takes us out to July.”
The analyst’s target for WIF is to buy WIF at a price of around $1 when the traders give up.
“So what I anticipate to happen is we have to keep grinding down. I think the 0.78 [Fibonacci retracement level] is going to get tapped… Ultimately, I think that would be an absolutely killer long-term entry on WIF.”
Bluntz is an expert in the Elliott Waves theory. It’s a technique of technical analysis which focuses on crowd psychology, and how it tends manifest itself as waves. According to this theory, an asset that is bullish will usually experience a five-wave upswing followed by a ABC three-wave corrective phase.
The trader seems to be suggesting that WIF is at the end of an ABC Correction after completing a five wave rally.
The WIF value at the moment of this writing is $1.85
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Source: dailyhodl.com