Meme Token Dogwifhat (WIF) May Be Gearing Up for a Big Upside Burst, Pseudonymous Analyst Bluntz Says

A trader known for making timely altcoin calls thinks that one memecoin is gearing up for a big upside burst.

Cryptocurrency trader and analyst Bluntz believes that meme token dogwifhat (WIF) is preparing for a substantial upside burst.

Despite being medium-term bearish on the token, Bluntz points to several bullish signals that could lead to a brief rally before the downtrend continues.

According to the analyst, WIF is displaying five waves down from the $4 lower high, followed by bullish divergences on the four-hour, eight-hour, and 12-hour charts. These technical indicators suggest that selling pressure is easing and a potential reversal may be brewing.

Bluntz anticipates a countertrend ABC up to around $3-$3.4, which could entice traders to re-enter the market. He advises against shorting at these levels.

The trader employs the Elliott Wave theory, a technical analysis method that aims to predict price movements by studying crowd psychology, which often manifests in waves.

According to the theory, a bearish asset tends to experience a five-wave move down, followed by a three-wave ABC correction up.

Bluntz’s chart seems to indicate that WIF has completed the five-wave move down and is now poised for the ABC bounce.

However, after the bounce, Bluntz anticipates WIF falling to around $1.

At the time of writing, WIF is trading at $2.57.

News source：https://www.kdj.com/cryptocurrencies-news/articles/meme-token-dogwifhat-wif-gearing-upside-burst-pseudonymous-analyst-bluntz.html

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