A prominent crypto analyst has issued a bearish warning for a popular memecoin, dogwifhat (WIF), which has soared in value over the past few months.
Elliott Wave Theory Analysis
According to the analyst, known as Bluntz, WIF is likely in the final stages of a corrective three-wave pattern. This suggests that the coin could drop significantly from its current level.
Bluntz’s analysis suggests that WIF could bottom out at around $1 before resuming an upward trend.
Market Performance
WIF, currently ranked 43rd in terms of market capitalization, is trading at $2.94 at the time of writing. It has gained an impressive 42.61x since its low of $0.069 in January.
Other Analyst Predictions
Another analyst, Credible Crypto, also predicts a decline for WIF and other memecoins. He believes that WIF could drop by around 47% from its current level.
Conclusion
These analysts’ warnings suggest that investors should exercise caution when investing in memecoins, which can be highly volatile and subject to significant price swings.
