dailyhodl.com
A trader who accurately called Bitcoin’s (BTC) 2018 bear market bottom says he’s bullish on two memecoins.
Pseudonymous analyst Bluntz tells his 240,800 followers on the social media platform X that the Solana (SOL)-based meme token dogwifhat ($WIF) has been printing bullish higher low setups each time the asset completes a three-wave corrective move.
Bluntz is a practitioner of the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves.
According to the theory, a bullish asset tends to witness a three-wave corrective move before the next leg up.
Says Bluntz,
“$WIF has essentially been trading in a large accumulation base since inception, with constant impulsive rises and constant clear corrective three-wave moves back down, each time forming a higher low.
Eventually, this base breaks out and moves higher and many will be surprised, but the signs were there.”
Looking at the analyst’s chart, he seems to suggest $WIF is on the verge of breaking out from an ascending triangle pattern en route to rallying toward his target at $1.40.
At time of writing, $WIF is worth $0.507, up over 42% in the past day.
Another altcoin on the trader’s radar is the memecoin Pepe ($PEPE). Bluntz shares a chart that suggests $PEPE has completed a three-wave corrective move and is now poised to rally toward his target at $0.0000022.
“Nice steady push higher on $PEPE all weekend.
I like this setup a lot, meme season feels like it is heating up again.”
At time of writing, $PEPE is worth $0.000001832, up over 30% in the last 24 hours.