One trader who is known to make timely altcoin predictions believes that memecoins are gearing up for an upside surge.
Pseudonymous Bluntz told his 261,500 Twitter followers (X) that he was medium-term negative on dogwifhat meme tokens.WIFHe thinks that altcoins are poised to make a major jump.
Bluntz says that WIF has multiple bullish indicators, which suggest it might experience a temporary rally to relieve the pressure before it continues its downtrend.
“Even though I think on high timeframe WIF Looks cooked and headed for $1. I believe that a first 50% bounce could also be in the cards.
The four-hour chart shows five waves going down from $4’s lower high, with nice bullish divergences. [charts]. Expecting an ABC countertrend up to $3-3.4 will entice everyone to buy again. “I don’t think it is smart to short these levels.”
Bluntz is an expert in the Elliott Waves theory. It’s a technique of technical analysis which tries to predict price movement by following crowd psychology, which tends manifest itself as waves. According to this theory, an asset that is bearish will often experience a five wave move downward followed by three waves of ABC upward correction.
The trader predicts that WIF will initiate an ABC move after completing a 5-wave downtrend.
Bluntz expects WIF to fall below $1 in the future.
WIF currently trades for $2.57.
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