A trader known for his well-timed altcoin calls believes that a Solana (SOL)-based meme token has started a new uptrend.
Pseudonymous analyst Bluntz tells his 263,800 followers on social media platform X that memecoin dogwifhat (WIF) has likely hit a low.
According to the analyst, WIF is already showing signs of a bullish reversal on the lower time frame, following a deep corrective move from its all-time high at $4.83.
“I’m starting to feel confident that the WIF bottom is now in place.
Not only did we get a nice 70% correction from peak to trough to $1.46, but the structure played out in an elongated three waves, just the way I wanted.
We also now have an impulsive five-wave surge from the low, the first in months.
It is probably an important bottom, while 1.46 holds true in my opinion, I am now fully allocated to WIF again.”
Bluntz applies Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally followed by a three-wave ABC correction. Looking at the trader’s chart, he seems to suggest that WIF has managed to complete a five-wave rally on the hourly chart, which is a sign of a trend shift.
The chart also suggests that WIF has completed an ABC correction and looks poised for a rally above $3.
At the time of writing, WIF is worth $2.01.
Bluntz is also bullish on artificial intelligence (AI)-focused altcoin Fetch.ai (FET). According to the top trader, the FET is issuing multiple signals indicating that the correction is over.
“FET is my AI story choice.
-68% dip peak to trough, retesting previous all-time highs and the pullback structure is a clear three-wave move down.
I think this is a bottom and it will be a turbo pump.”
At the time of writing, FET is trading at $1.35.
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Generated image: DALLE3