dailyhodl.com
A widely followed crypto analyst and trader is expressing bearish sentiment on a top-50 memecoin by market cap.
The analyst pseudonymously known as Bluntz tells his 258,100 followers on the social media platform X that dogwifhat ($WIF), which is built on the Solana (SOL) blockchain, could drop by around 66% from the current level.
According to Bluntz, who regularly applies the Elliott Wave theory in his technical analysis, $WIF is likely in the process of completing a corrective three-pattern wave. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Based on the pseudonymous analyst’s chart, it appears that $WIF could bottom out at around the $1 price before resuming an upward trend to new all-time highs.
$WIF, which is currently the 43rd-largest crypto asset by market capitalization, is trading at $2.94 at time of writing. The Solana-based memecoin reached a low of $0.069 on January 10, a gain of 42.61x in four months.
Besides Bluntz, the analyst pseudonymously known as Credible Crypto also says that he expects $WIF, as well as other memecoins, to fall. According to Credible Crypto, $WIF could drop by around 47% from the current level.
“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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