A market prognosticator, renowned for his timely predictions on alternative cryptocurrencies, has indicated that a meme coin based on Solana (SOL) is on the ascent.
The enigmatic trader Bluntz has shared with his quarter-million-plus audience on social media platform X that the meme token dogwifhat (WIF) appears to have reached its nadir.
Bluntz observes that WIF is exhibiting early signs of an upward trend reversal in the shorter time frames, following a significant pullback from its peak price of $4.83.
“Growing increasingly certain that we’ve seen the lowest point for WIF.
A substantial 70% drop from the top, bottoming out at $1.46, unfolded in a protracted three-wave pattern, just as I had anticipated.
Now, we’re witnessing a vigorous five-wave surge from these depths, the first in many months.
In my view, it’s a significant trough as long as the price stays above $1.46, and I’ve fully reinvested in WIF.”
Source: Bluntz/X
Bluntz is an adherent of the Elliott Wave principle, which posits that the price movements of a bullish financial asset typically follow a five-wave surge and then a three-wave ABC correction. From Bluntz’s analysis, it appears WIF has completed a five-wave climb on the hourly chart, indicating a potential trend reversal.
The chart further intimates that WIF has finished an ABC correction and seems primed for an ascent past the $3 mark.
At the moment of reporting, WIF’s valuation stands at $2.01.
Bluntz also holds a positive outlook on Fetch.ai (FET), an altcoin with a focus on artificial intelligence. The prominent trader believes that FET is showing several indicators that suggest the end of its corrective phase.
“FET is my choice for the AI narrative.
A -68% plunge from its zenith, revisiting its previous all-time high, and the pullback pattern is unmistakably a three-wave descent.
I’m convinced we’ve hit the floor, and this one’s set for a rapid ascent.”
Source: Bluntz/X
Currently, FET is trading at $1.35.
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Disclaimer: The views expressed at The Daily Hodl do not constitute financial advice. Investors are encouraged to conduct their own research prior to engaging in any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. It is important to note that your transactions and trades are your sole responsibility, and any losses incurred are at your own risk. The Daily Hodl does not endorse the purchase or sale of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Be aware that The Daily Hodl is involved in affiliate marketing.
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