.jpg)
A top trader has issued a warning about the popular Solana product (Sol)-Based on Dogecoin (Doug) competitor, saying that memecoin has greater potential to decline.
In a video posted on the social media platform X, the analyst with the pseudonym known as Plantz appeared Tells He has 263,200 followers, and technical metrics indicate the dogwifhat meme (WIF) could sustain further corrective moves in the next three to four weeks.
According to the analyst, WIF saw a 109-day uptrend earlier this year, which led him to expect a similar number of down days for the memecoin.
“we [85] After days of backtracking… In terms of time, a 1:1 extension… would take us into July.”
As for the downside price target for WIF, the analyst says he would be interested in loading WIF when traders capitulate as the memecoin price drops to around $1.
“So what I expect to happen is we have to keep working. I think 0.78.” [Fibonacci retracement level] He will be exploited… Ultimately, I think this will be a killer long-term entry into WIF.
Blontz practices Elliott Wave Theory, which is a technical analysis method that attempts to predict future price movement by following crowd psychology that tends to appear in waves. According to the theory, a bullish asset often experiences a five-wave rally followed by a three-wave ABC-shaped corrective period.
Looking at the trader’s chart, it seems to indicate that the WIF has already completed a five-wave rally and is now at the end of the ABC correction.
At the time of writing, WIF is worth $1.85.
Never miss a beat – Participate To get email alerts delivered directly to your inbox
Checks Price movement
Follow us X, Facebook And cable
browse Hodel’s daily mix
 
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: mid-flight
