Recognized for his accurate forecasts, crypto analyst and trader Bluntz has announced an expected decline in dogwifhat (WIF), a memecoin ranked in the top 50 by market value. The analyst predicts that the altcoin will fall by more than 50%.
Details of Analyst Bluntz’s Decline Forecast for WIF
Anonymous crypto analyst Bluntz has warned his followers on the social media platform X that dogwifhat’s WIF, built on the Solana (SOL) Blockchain, could drop about 66% from its current price levels.
Known for regularly using Elliott Wave theory in his technical analyses, Bluntz suggests that WIF is likely in the process of completing a corrective three-wave pattern. According to Elliott Wave theory, while the main trend of an asset’s price moves in a five-wave formation, corrections occur in a three-wave formation.
Looking at the price chart he shared, it appears the analyst expects the altcoin to form a bottom around $1 before continuing its upward trend towards all-time highs.
Currently the 43rd largest cryptocurrency by market value, WIF was trading at $2.94 at the time this article was written. The Solana-based memecoin dropped to a low of $0.069 on January 10, 2024, gaining over 42 times in value within four months.
Credible Crypto Also Issues a Decline Warning for WIF
Alongside Bluntz, another crypto analyst known as Credible Crypto has also warned of an expected decline in WIF and other memecoins. According to Credible Crypto, WIF could drop about 47% from its current price levels.
In his warning, the analyst emphasized that the expected decline is rapidly approaching, saying “If you haven’t looked yet and/or you don’t think there will be a significant drop in WIF under $2, Dogecoin (DOGE), and other memecoins, it’s not too late yet.”
