A famous trader thinks that a memecoin is preparing for a major price increase.
Anonymous analyst Bluntz told 261,500 followers on social media platform X that although he has a medium-term bearish view on the meme token dogwihat (WIF)but he thinks the altcoin is ready for a major bull run.
According to Bluntz, WIF is coming through Many signals of price increase suggesting that it could see another wave slight recovery before resuming the downtrend.
“We can see five bearish waves from $4 and nice bullish divergences on the 4-hour, 8-hour and 12-hour charts. Expect a counter-trend ABC up to around $3-3.4.”
Bluntz uses Elliott Wave theory to analyze charts.
Based on the chart, he seems to predict that WIF has completed its five-wave downward move and is now ready to trigger an ABC pullback.
But after turning it on, Bluntz noticed WIF would drop to about $1.
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