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Experienced cryptocurrency analyst Bluntz, identified promising signals in the Solana (SOL) Blockchain‘s memecoin, dogwifhat (WIF), indicating a potential shift from a downtrend to an uptrend. He also claimed that Near Protocol (NEAR) is at a suitable point to make an upward move.
dogwifhat (WIF) Commentary
Bluntz, an anonymous crypto analyst with a large following on the social media platform X, shared his views on the potential upward momentum of dogwifhat‘s WIF, noting that it might have hit a local bottom around $1.89 last weekend.
Using the Elliott Wave Theory, which predicts a corrective ABC movement before a new five-wave rally in rising trend assets, Bluntz emphasized the importance of waiting for confirmation through an impulsive five-wave rise in shorter time frames, ranging from 30 minutes to an hour.
In further analysis, Bluntz detailed WIF’s price movements, predicting a positive outlook for the memecoin based on observed patterns, including an ABC correction and a constructive five-wave rise from the bottom levels.
Expecting a Rise in Near Protocol (NEAR)
Bluntz also expressed expectations for a rise in Ethereum (ETH) competitor Near Protocol (NEAR), mentioning a significant correction over the last 30 days that has presented a profitable opportunity for long-term investors.
Evaluating NEAR’s clear ABC correction model and technical indicators, including the 4-hour Relative Strength Index (RSI) in oversold conditions, Bluntz argued that the current downturn offers a suitable entry point for investors.
Despite predicting upward movements for both WIF and NEAR, Bluntz advises investors to proceed with caution. It is essential to follow the general trend of the cryptocurrency market while trying to capitalize on emerging trends and potential opportunities.
