There is currently a massive correction underway, but according to Bluntz, that does not mean that there are no bullish altcoins to be found. At the moment, the popular analyst is very positive about Solana-based dogwifhat (WIF).
According to Bluntz, the popular memecoin is at a local bottom, after hitting a price of $ 1.89 over the weekend.
Bullish over dogwifhat
Dogwifhat is the latest dog memecoin to compete with greats like Dogecoin and Shiba Inu. To be taken seriously, it still has to increase considerably, because WIF currently has a market cap of $ 2.4 billion, while Dogecoin is at more than $ 21 billion.
Now Bluntz is bullish on WIF based on a piece of technical analysis. After a harsh correction, the currency revived and that makes the analyst hopeful. “This is a promising response. I hope we’re at the bottom, but I’m waiting for an impulsive five-wave surge on the lower timeframes (30 min – 1 hour) for confirmation,” Bluntz said.
WIF is now trading at $2.42 again and there indeed appears to be the recovery that Bluntz previously predicted.
The analyst bases his predictions on the famous Elliott Wave Theory, a tool from technical analysis that is in turn based on the psychology of the crowd.
According to theory, a bullish asset always moves through an ABC correction before a new five-wave rally can begin.
WIF looks good here
Not long after Bluntz’s first tweets about WIF, the price of the currency skyrocketed. “And there we have the rise, a nice rise of five waves from the lows and also an ABC. WIF looks good here in my opinion, the hat can be worn again,” said Bluntz.
Bluntz regularly proves himself as an analyst worth following. He will undoubtedly be a good technical analyst, although he can of course also influence the market with his more than 250,000 followers.
If someone, with his track record and follower numbers, shouts that a coin is going to rise, there is a chance that people will jump on that coin and that there will actually be a rise.
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Source: https://newsbit.nl/topanalist-deze-solana-memecoin-ziet-er-bullish-uit/
