A prime dealer has issued a warning a couple of in style 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) may endure extra corrective strikes within the subsequent three to 4 weeks.
In accordance with the analyst, WIF witnessed a 109-day uptrend earlier this yr, main him to anticipate an identical 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 will probably be keen on 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 feel the 0.78 [Fibonacci retracement level] goes to get tapped… In the end, I feel that might be a completely killer long-term entry on WIF.”
Bluntz practices the Elliott Wave concept, a technical evaluation method that makes an attempt to foretell future worth motion by following crowd psychology that tends to manifest in waves. In accordance with the idea, a bullish asset will usually witness a five-wave upside adopted by a three-wave ABC corrective interval.
Wanting on the dealer’s chart, he appears to counsel 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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