A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a Solana-based memecoin.
The analyst pseudonymously known as Bluntz tells his 236,100 followers on the X social media platform that the dogwifhat (WIF) memecoin could potentially appreciate by approximately 359% from the current level.
“If you think this ain’t going to $1 at least, you’re vastly underestimating… [WIF’s potential].”
WIF is trading at $0.218 at time of writing.
From the pseudonymous analyst’s chart, it appears that Bluntz is suggesting that the dogwifhat/Solana (WIF/SOL) pair has formed two consecutive lower lows on the four-hour chart this year after earlier bottoming out.
Turning to Ethereum (ETH), Bluntz says that when paired against Bitcoin (BTC), the second-largest crypto asset by market cap is forming a bullish divergence on the weekly chart where the price is trending lower while the Relative Strength Indicator (RSI), a momentum indicator used for determining overbought or oversold market conditions, is trending upwards.
According to Bluntz, the ETH/BTC pair has additionally witnessed a “fakeout to the downside” which is a “very bullish signal”.
ETH is trading at 0.05643000 BTC ($2,597) at time of writing.
Concerning the Ethereum/US dollar pair, the pseudonymous analyst is suggesting that the second-largest crypto asset could soar to above $2,900. According to Bluntz’s chart, Ethereum may form the second wave of a five-wave pattern on the four-hour chart as it heads upwards. According to Elliott Wave theory, the main trend of the price of an asset price moves in a five-wave pattern.
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Generated Image: Midjourney