A well-known crypto trader and analyst has expressed bearishness on the 50th most valuable memecoin in terms of market cap.
Bluntz is the pseudonymous analyst. tells His 258,100 subscribers on social media platform X That Dogwifhat (WIFThe Solana is a new building that was built in the Solana area.SOLThe current price of blockchain could fall by 66%.
Bluntz uses the Elliott Wave Theory in his analysis and believes that WIF may be in the process completing the third wave of correction. According to Elliott Wave theory the trend for an asset’s price moves in five waves, while corrections occur in three.
The pseudonymous chart indicates that WIF’s price could reach a low of around $1, before the upward trend resumes to new record highs.
WIF trades at $2.94 as of the time this article was written. On January 10th, the Solana-based coin reached its lowest point of $0.069 a gain 42.61 times in just four months.
The analyst known by the pseudonym Credible Crypto, besides Bluntz also says He expects WIF and other memecoins to drop. Credible Crypto predicts that WIF will drop around 47%.
“If you still haven’t taken a look and/or refused to open your mind to the possibly of a sub $2 WIF and major drops across the board for Dogecoin (DOGE) and other memes, it’s not too late.”
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Source: dailyhodl.com