Earlier this month, pseudonymous trader Bluntz told his 236,800 followers on the social media platform X that the memecoin dogwifhat (WIF) was entering a good price zone for traders after a major decline.
“Nice clean five wave rise on WIF followed by a -77% ABC down, just loaded some bags down here and have some more bids slightly lower.
All in all, this is a cracking entry imo (in my opinion), zero or hero, WIF to a billion.”
Bluntz practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave rise followed by an ABC corrective move before starting its next leg up.
Looking at the trader’s chart, he seems to be predicting that WIF was set to ignite a new five-wave surge after completing an ABC correction.
That was on January 3rd. Now, the trader says WIF is on its way up to $1 and that he won’t sell until the market cap for WIF hits $1 billion.
“$1 WIF is programmed.
Not selling a single coin before a billy (billion) market cap.”
WIF is worth $0.274 at time of writing, currently ranked #185 amongst cryptos in terms of market cap. A rally to $1 would represent a 265% increase for dogwifhat.
Last week, Bluntz said much of the same thing about the rising dog-themed memecoin.
“If you think this ain’t going to $1 at least, you’re vastly underestimating… [WIF’s potential].”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Ruslan__Grebeshkov/Viaire