A trader who accurately called Bitcoin’s (BTC) 2018 bear market bottom says he’s bullish on two memecoins.
Pseudonymous analyst Bluntz tells his 240,800 followers on the social media platform X that the Solana (SOL)-based meme token dogwifhat (WIF) has been printing bullish higher low setups each time the asset completes a three-wave corrective move.
Bluntz is a practitioner of the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves.
According to the theory, a bullish asset tends to witness a three-wave corrective move before the next leg up.
Says Bluntz,
“WIF has essentially been trading in a large accumulation base since inception, with constant impulsive rises and constant clear corrective three-wave moves back down, each time forming a higher low.
Eventually, this base breaks out and moves higher and many will be surprised, but the signs were there.”
Looking at the analyst’s chart, he seems to suggest WIF is on the verge of breaking out from an ascending triangle pattern en route to rallying toward his target at $1.40.
At time of writing, WIF is worth $0.507, up over 42% in the past day.
Another altcoin on the trader’s radar is the memecoin Pepe (PEPE). Bluntz shares a chart that suggests PEPE has completed a three-wave corrective move and is now poised to rally toward his target at $0.0000022.
“Nice steady push higher on PEPE all weekend.
I like this setup a lot, meme season feels like it is heating up again.”
At time of writing, PEPE is worth $0.000001832, up over 30% in the last 24 hours.
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Generated Image: Midjourney