Bluntz, a cryptocurrency analyst and trader known for his predictions, announced that he expects a decline in #dogwifhat (WIF), a memecoin in the top 50 by market value. The analyst predicts that the altcoin will fall by over 50 percent.
Details of the Analyst's Decline Forecast for WIF
Anonymous cryptocurrency analyst Bluntz warned investors to his followers on social media platform
According to Bluntz, who is known for regularly using Elliott Wave theory in his technical analysis, WIF is likely in the process of completing a corrective three-pattern wave. According to Elliott Wave theory, the main trend of an asset's price moves in a five-wave formation, while the correction occurs in a three-wave formation.
Looking at the price chart he shared, it seems that the analyst expects the altcoin to form a bottom with a price of around $1 before continuing its upward trend towards all-time highs.
WIF, currently the 43rd largest cryptocurrency by market cap, is trading at $2.94 at the time of writing. Solana-based memecoin hit a low of $0.069 on January 10, 2024, gaining over 42 times in value in four months.
Credible Crypto Also Received a Decline Warning for WIF
Along with Bluntz, the cryptocurrency analyst known as Credible Crypto also warned, saying he expects WIF and other memecoins to decline. According to Credible Crypto, WIF could decline by approximately 47 percent from current price levels.
In his warning, the analyst emphasized that the decline he expected was rapidly approaching, saying, "If you haven't taken a look yet and/or thought there would be a significant decline in WIF and Dogecoin (DOGE) and other memecoins below $2, it is still not too late."
