A prominent trader has issued a warning about a popular Solana-based cryptocurrency known as dogwifhat (WIF).
Technical Indicators Suggest Downward Trend
According to the trader, known as Bluntz, technical analysis indicates that WIF could experience further price declines in the coming weeks. He points to a 109-day uptrend earlier this year, suggesting a similar duration of bearish activity.
Target Price and Entry Point
Bluntz predicts that WIF could drop to around $1 before a potential rebound. He believes this would be an ideal entry point for long-term investors.
Elliott Wave Theory Analysis
Bluntz uses the Elliott Wave theory, which suggests that asset prices move in predictable patterns based on crowd psychology. He believes WIF has completed a five-wave rally and is now in the final stages of a three-wave correction.
Current Price and Outlook
As of writing, WIF is trading at $1.85. Bluntz expects the downtrend to continue for the next three to four weeks.
