A trader known for well-timed altcoin calls believes that a Solana (SOL)-based meme token has started a new uptrend.
Pseudonymous analyst Bluntz tells his 263,800 followers on the social media platform X that memecoin dogwifhat (WIF) has likely carved a bottom.
According to the analyst, WIF is already flashing signs of a bullish reversal on the lower time frame after a deep corrective move from its all-time high of $4.83.
“Starting to feel confident WIF bottom is now in.
Not only did we get a nice 70% correction from peak to trough down to $1.46, but the structure played out in a long drawn-out three waves exactly as I wanted to.
We now also have an impulsive five-wave rise from the lows, the first one in months.
It’s likely a major bottom while 1.46 holds in my opinion, am now fully allocated to WIF again.”
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally followed by a three-wave ABC correction. Looking at the trader’s chart, he seems to suggest that WIF has managed to complete a five-wave rally on the hourly chart, signaling a shift in trend.
The chart also suggests that WIF has concluded an ABC correction and looks poised for a rally above $3.
At time of writing, WIF is worth $2.01.
Bluntz is also bullish on the artificial intelligence (AI)-focused altcoin Fetch.ai (FET). According to the top trader, FET is flashing multiple signals suggesting that the correction is over.
“FET is my AI narrative pick.
-68% dip peak to trough, retesting prior all-time high and pullback structure is a clear as day three-wave move down.
I think this is a bottom and this one will turbo pump.”
At time of writing, FET is trading for $1.35.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3