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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.
Analyst Warns of Imminent Drop in Dogwifhat and Solana https://t.co/G0WYjnWjK8 via @COINTURK NEWS
— baloblack (@baloblack) June 1, 2024
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
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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