A prominent figure in the altcoin trading community, known for their spot-on forecasts, has suggested that a Solana (SOL)-based meme token might be on the cusp of an uptrend.
The analyst, Bluntz, who opts for anonymity, has highlighted two altcoins at X that are showing particular promise for growth: dogwifhat (WIF) and Fetch.ai (FET).
Bluntz notes that WIF is showing signs of an upward recovery following a sharp correction that saw its value drop from a high of $4.83 to $1.46. He elaborates, “I’m beginning to feel confident that WIF has reached its bottom. Not only did we see a solid 70% correction from the peak to the low at $1.46, but the structure also unfolded in three extended waves, just as I had hoped. We now also have a five-wave impulsive rise from the lows, the first in months. It’s likely a significant bottom, as long as $1.46 holds, in my opinion, I’m fully invested in WIF once again.”
“Don’t be afraid to dream a little bigger.”
$WIF
— Bluntz (@Bluntz_Capital)
July 1, 2024
Employing Elliott Wave Theory, which Bluntz uses, suggests that bullish trends in assets typically occur in five ascending waves, followed by a three-wave correction. The charts analyzed by the trader indicate that WIF has completed a five-wave recovery cycle on the hourly chart, setting up to surpass $3 after concluding an ABC-type correction.
Bluntz is also bullish on the future of the artificial intelligence-focused altcoin Fetch.ai (FET). He points out that FET is showing signs that its correction phase has ended, projecting a promising outlook for the cryptocurrency. “FET is my AI narrative pick. A -68% drop from peak to trough, retesting the previous all-time high, and the pullback structure is as clear as a three-wave move down on the third day. I believe this is a bottom and this one will turbo pump.”
$FET
— Bluntz (@Bluntz_Capital)
June 26, 2024
At the time of publication, the price of WIF was quoted at $2.27, marking a 12% increase in the last 24 hours. Concurrently, Fetch.ai (FET) was trading at $1.42, showing a 7% rise in the same timeframe.
Disclaimer:
The opinions and views expressed by the author or any individuals mentioned in this article are solely for informational purposes and should not be taken as financial, investment, or other forms of advice. Engaging in cryptocurrency investments or trading poses a risk of financial loss.
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