A prime dealer has issued a warning a few fashionable Solana (SOL)-based Dogecoin (DOGE) rival, saying that the memecoin has extra draw back potential.
In a video posted to the social media platform X, the pseudonymous analyst often called Bluntz tells his 263,200 followers that technical metrics point out the meme token dogwifhat (WIF) might endure extra corrective strikes within the subsequent three to 4 weeks.
Based on the analyst, WIF witnessed a 109-day uptrend earlier this yr, main him to anticipate an analogous variety of bearish days for the memecoin.
“We’re [85] days into the pullback… When it comes to time, a 1:1 extension… that takes us out to July.”
As for his draw back goal worth for WIF, the analyst says he shall be desirous about loading up on WIF when merchants capitulate because the memecoin drops to round $1 in worth.
“So what I anticipate to occur is we’ve got to maintain grinding down. I believe the 0.78 [Fibonacci retracement level] goes to get tapped… Finally, I believe that might be a completely killer long-term entry on WIF.”
Bluntz practices the Elliott Wave idea, a technical evaluation method that makes an attempt to foretell future worth motion by following crowd psychology that tends to manifest in waves. Based on the speculation, a bullish asset will usually witness a five-wave upside adopted by a three-wave ABC corrective interval.
Trying on the dealer’s chart, he appears to recommend that WIF has already accomplished a five-wave rally and is now on the tail finish of an ABC correction.
At time of writing, WIF is price $1.85.
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