A widely adopted trader is expressing bearish sentiment on a months-feeble memecoin constructed on Solana (SOL).
The trader pseudonymously is named Bluntz tells his 253,400 followers on the social media platform X that dogwifhat (WIF) may perhaps perhaps well be due for a correction.
According to the pseudonymous trader who applies the Elliott Wave belief in his technical prognosis, WIF seems to bear finished a 5-wave rally and now seems to be primed to enter an ABC corrective wave.
The Elliott Wave belief states that a bullish asset tends to survey an ABC correction after finishing a 5-wave upside dart.
Says Bluntz,
“I feel the macro 5 [wave] up from inception on WIF may perhaps perhaps well be completed right here, all waves accounted for and an extended drawn out ABC potentially underway before the next parabolic leg.”
In step with Bluntz’s charts, it seems that the analyst is forecasting WIF to plunge to $1, about 69% below the hot stamp, which moreover coincides with the 0.786 Fibonacci retracement level. In technical prognosis, Fibonacci retracement ranges are historic to establish doable enhance and resistance areas.
WIF is shopping and selling at $3.32 at time of writing, up by spherical 69,356% from the December 15th opening stamp of $0.00478.
Bluntz moreover gives his forecast on Solana. According to the widely adopted trader, a correctional three-wave sample is underway for Solana that can maybe well result in the fifth-most piquant crypto asset by market cap falling by spherical 7% from the hot level.
“A sweep of $160 seems more likely to me before we are in a position to imagine the next leg up on SOL personally.”
Solana is shopping and selling at $172 at time of writing.
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