Crypto Analyst Bluntz Predicts 70% Drop for Dogwifhat (WIF)
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Crypto Analyst Bluntz Predicts 70% Drop for Memecoin Dogwifhat (WIF)

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Azeez Mustapha

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Crypto analyst Bluntz predicts a 70% drop for memecoin Dogwifhat (WIF). Bluntz Capital, a renowned cryptocurrency analyst, has issued a dire warning about the future of the Solana-based memecoin dogwifhat (WIF). According to Bluntz, WIF could plummet by approximately 70%, potentially dropping to $1.

 
This prediction is based on the Elliott Wave theory, which analyzes crowd psychology through wave patterns. Bluntz notes that WIF has completed a five-wave rise and is now in a C wave correction, signaling a steep decline. Despite a remarkable surge from $0.087 in January to its current $3.44, Bluntz remains bearish on WIF. He stresses that the prolonged B wave hasn’t altered the bearish outlook, indicating that WIF holders should brace for significant losses ahead.

Key dogwifhat Levels To Watch – May 6

Crypto Analyst Bluntz Predicts 70% Drop for Memecoin Dogwifhat (WIF)

Following the invalidation of the diagonal resistance in May 2024, the price headed into the premium zone. According to the SMA (Simple Moving Average), the market was in a bullish trend.
 
However, WIFUSD flipped bearish following the indication of the Stochastic Oscillator at the premium zone. As per the indication, the market was overbought following the buy-side liquidity grab above $3.860. WIFUSD is likely to keep heading downward since the formation of the $4.070 major high.

WIFUSD Key Levels

Resistance Levels: $3.560, $4.340, $4.860
Support Levels: $1.950, $1.020, $0.170

WIFUSD Metrics

Total Market Capitalization: $2.60T
dogwifhat Market Capitalization: $3.46B
dogwifhat Volume: $534.52M
Market Rank: #30

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