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One trader known for making timely altcoin calls believes that one of the memecoins is poised for a major upside rally.
The analyst with the pseudonym Blontz tells his 261,500 followers on the social media platformWIF), he believes that the altcoin is poised for a major rebound.
According to Pluntz, WIF is issuing multiple bullish signals suggesting that it may see a comfortable rally before continuing its downtrend.
“Although I’m thinking in a big time frame WIF It looks cooked and heading towards $1, and I also think a 50% bounce could be on the cards.
We can see five bearish waves from the $4 high and nice bullish divergences on the four-hour, eight-hour and 12-hour frames. [charts]. We expect an ABC headwind of around $3-3.4 to pull everyone back. Short selling at these levels is certainly not smart in my opinion.”
Plantz practices Elliott Wave Theory, a technical analysis approach that attempts to predict future price movement by following the psychology of crowds that tend to appear in waves. According to this theory, bearish assets often see a five-wave move down followed by a three-wave ABC correction upward.
Based on the trader’s chart, it appears that he expects that WIF has completed a five-wave downward move and now appears poised to ignite an ABC bounce.
But after the bounce, Plantz sees WIF falling to around $1.
At the time of writing, WIF is trading at $2.57.
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