Renowned for his precise predictions, cryptocurrency analyst and trader Bluntz has announced an anticipated decrease in the value of dogwifhat (WIF), a memecoin ranked among the top 50 by market capitalization. Bluntz predicts that the altcoin will experience a decline of more than 50%.
Details of Analyst Bluntz’s Forecast for the Decline of WIF
Bluntz, an anonymous crypto analyst, has issued a warning to his followers on the social media platform X regarding dogwifhat’s WIF, which is built on the Solana (SOL) Blockchain. He suggests that the altcoin could potentially drop by approximately 66% from its current price levels.
Bluntz is known for his frequent utilization of Elliott Wave theory in his technical analyses. He asserts that WIF is likely in the process of completing a corrective three-wave pattern. According to Elliott Wave theory, while the primary trend of an asset’s price moves in a five-wave formation, corrections occur in a three-wave formation.
By examining the price chart he shared, it is evident that the analyst expects the altcoin to establish a bottom around $1 before resuming its upward trajectory towards all-time highs.
Currently ranked as the 43rd largest cryptocurrency by market capitalization, WIF was trading at $2.94 at the time of writing this article. The memecoin, based on Solana, experienced a low point of $0.069 on January 10, 2024, subsequently increasing in value by over 42 times within a span of four months.
Credible Crypto Also Issues a Decline Warning for WIF
In addition to Bluntz, another crypto analyst known as Credible Crypto has also issued a warning regarding the anticipated decline of WIF and other memecoins. According to Credible Crypto, WIF could potentially experience a drop of approximately 47% from its current price levels.
In his warning, the analyst emphasizes that the expected decline is rapidly approaching, stating, “If you have not yet examined this matter and/or do not believe that there will be a significant drop in WIF, Dogecoin (DOGE), and other memecoins below $2, it is not too late to do so.”
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Disclaimer: This article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
