A widely followed cryptocurrency trader is warning that a low-cap memecoin built on the Solana (SOL) blockchain could abruptly witness a bearish reversal.
Pseudonymous trader Bluntz tells According to its 286,900 followers on social media platform
Bluntz applies Elliott Wave theory, which states that a bullish asset tends to see rallies after completing an ABC move down. According to the analyst, MOODENG has risen too high too quickly and a significant correction is needed before the next leg rises.
“It could be wishful thinking, but I would like to see a pullback here on Moo Deng in a white box to add. I’m starting to get a little too parabolic for my taste.
Moo Deng reached a high of $0.335 on November 8, up more than 2,000% from $0.0154 on September 20.
Then the analyst believes that memecoin Pepe (PEPE) may outperform Solana-based memecoin dogwifhat (PEPE/WIF) after printing an ABC correction on the daily time frame.
“I’m a huge WIF fan, but PEPE/WIF gives me huge outperformance vibes. I always try to be with the fastest horses and PEPE currently looks quite fast against several cross pairs.”
At the time of writing, PEPE is worth $0.0000105.
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Generated image: Midjourney