An analyst who is widely respected has a bullish outlook on the memecoin within the Solana ecosystem (SOL), despite the fact that the cryptocurrency asset lost 72% from its all-time value.
Bluntz, an analyst who goes by the pseudonym Bluntz on social media platform X tells 314,000 of his followers that the dogwifhat trend (WIF), which is a weekly pattern correction, may have reached its bottom after a series of three waves.
Analyst who uses the Elliott Wave Theory in his analysis regularly says, that although WIF’s trend was more bearish than expected initially, “some signs of life are forming” at the low time frames for the memecoin. According to the Elliott Wave Theory, the trend in the price movement of an asset follows a five wave pattern. A correction is a three wave pattern.
Bluntz warns that it is too early to declare a bull market underway.
It’s still early and there is no five-wave rising from the bottoms, but it’s possible that one may have already begun to develop.
WIF was trading for $1.32 as of the time this article is written.
Bitcoin (BTC) is next. The widely-followed analyst believes that Bitcoin may be developing a swing failure pattern to the downside. In technical analysis, a swing failure pattern can be used to identify potential reversal points in a trend.
Bitcoin has only five days left to avoid being a two-week brutal SFP.
Bitcoin currently trades at $101,912 as of the time this article was written.
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This article titled ‘Nice Signs of life’ Beginning To Form On Solana Based Memecoin Dogwifhat, Said Trader-But There’s A Catch’ may be updated as new information becomes available.
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