Top Trader Warns Capitulation Event in Sight for Solana-Based Dogecoin Rival – Here’s His Outlook
A prime dealer has issued a warning a few 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 generally known as Bluntz tells his 263,200 followers that technical metrics point out the meme token dogwifhat (WIF) might endure extra corrective strikes in the subsequent three to 4 weeks.
In response to the analyst, WIF witnessed a 109-day uptrend earlier this 12 months, main him to anticipate an identical variety of bearish days for the memecoin.
“We are [85] days into the pullback… In terms of 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 in loading up on WIF when merchants capitulate because the memecoin drops to round $1 in worth.
“So what I anticipate to happen is we have to keep grinding down. I think the 0.78 [Fibonacci retracement level] is going to get tapped… Ultimately, I think that would be an absolutely 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 response to the idea, a bullish asset will typically witness a five-wave upside adopted by a three-wave ABC corrective interval.
Wanting 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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