Crypto Strategist Bullish on Dogecoin and Solana-Based Memecoin
A crypto strategist who accurately called the bottom of Bitcoin’s 2018 bear market says he’s bullish on a duo of memecoins including Dogecoin (DOGE).
Pseudonymous analyst Bluntz practices the Elliott Wave theory, which tries to predict future price actions by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset tends to witness a five-wave rally after completing an ABC corrective move.
Positive Outlook for Dogecoin (DOGE)
Bluntz expects Dogecoin (DOGE), often referred to as the “BTC of memecoins,” to rally close to $0.18 before ending its five-wave move to the upside. Despite being a meme-inspired cryptocurrency, DOGE has gained significant popularity and has been endorsed by high-profile individuals such as Elon Musk.
Strength in Solana-Based Memecoin
Bluntz also expresses optimism about dogwifhat (WIF), a memecoin based on the Solana blockchain. He notes that WIF continues to exhibit signs of strength even after a marketwide correction. The analyst shares a chart suggesting that WIF could soar to around $3.50 before completing its five-wave surge.
Elliott Wave Theory
- The Elliott Wave theory predicts future price movements by analyzing crowd psychology.
- A bullish asset typically experiences a five-wave rally after completing an ABC corrective move.
Bullish Forecast for WIF
- Bluntz believes that WIF is currently undergoing its first macro wave four from inception, indicating more potential for upward movement.
- He advises investors to view dips in price as buying opportunities.
- At the time of writing, WIF is valued at $1.62, reflecting a 6% increase in the past day.
Potential for DOGE and WIF
- Bluntz expects both DOGE and WIF to experience significant upward momentum in the near future.
- He believes that DOGE will follow in WIF’s footsteps and have its next leg up soon.
- At the time of writing, DOGE is trading at $0.153.
Hot Take: Memecoins Show Promise for Investors
The crypto market continues to offer opportunities for investors, with memecoins like Dogecoin and Solana-based memecoin WIF gaining attention. Analyst Bluntz predicts further rallies for both assets, indicating potential for significant returns. However, it’s important to remember that the crypto market can be highly volatile and unpredictable. Conduct thorough research and consider your risk tolerance before making any investment decisions.
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