Renowned for his precise predictions, cryptocurrency analyst and trader Bluntz has made a bold announcement regarding the future of dogwifhat (WIF), a memecoin ranked among the top 50 in terms of market value. Bluntz anticipates a significant decline of over 50% for this altcoin.
Details of Analyst Bluntz’s Forecast for WIF’s Decline
Bluntz, an anonymous crypto analyst, has taken to the social media platform X to caution his followers about the potential downfall of WIF, which operates on the Solana (SOL) Blockchain. He predicts that this memecoin could experience a drop of approximately 66% from its current price levels.
Bluntz is known for regularly employing Elliott Wave theory in his technical analyses, and he suggests that WIF is currently in the process of completing a corrective three-wave pattern. According to Elliott Wave theory, while an asset’s price typically follows a five-wave formation in its main trend, corrections occur in a three-wave formation.
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Examining the price chart he shared, it becomes apparent that the analyst expects WIF to establish a bottom around the $1 mark before resuming its upward trajectory towards all-time highs.
As of the time of writing this article, WIF is the 43rd largest cryptocurrency based on market value, with a trading price of $2.94. The memecoin, built on the Solana Blockchain, witnessed a remarkable surge in value, increasing by over 42 times within a span of four months, reaching a low of $0.069 on January 10, 2024.
Credible Crypto Also Warns of a Decline in WIF
In addition to Bluntz, another well-known crypto analyst named Credible Crypto has also issued a warning about the anticipated decline in WIF and other memecoins. Credible Crypto suggests that WIF could experience a drop of approximately 47% from its current price levels.
In his cautionary statement, the analyst emphasizes that this expected decline is fast approaching, stating, “If you haven’t already checked or believe that WIF, Dogecoin (DOGE), and other memecoins won’t undergo a significant drop below $2, it’s not too late to do so.”
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
