Bluntz’s Bearish Outlook
A popular trader known as Bluntz is expressing concerns about a memecoin called dogwifhat (WIF). Bluntz believes that WIF may be due for a correction after a meteoric rise of over 69,000% in less than four months.
Using the Elliott Wave theory, Bluntz suggests that WIF has completed a five-wave rally and is now entering an ABC corrective wave. This theory predicts that after a bullish move, an asset often experiences a three-wave correction.
Forecasting a Drop
Bluntz’s charts indicate that WIF could potentially fall to $1, a decline of about 69% from its current price. This target aligns with the 0.786 Fibonacci retracement level, a common support and resistance indicator in technical analysis.
Solana’s Correction
Bluntz also offers his outlook on Solana (SOL), predicting a three-wave corrective pattern that could lead to a 7% drop from its current level. He believes that SOL could fall to $160 before resuming its upward trend.
Disclaimer
It’s important to note that these are just forecasts and should not be taken as investment advice. Investors should always conduct their own research before making any financial decisions.
