A trader known for 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 the social media platform X that memecoin dogwifhat (WIF) has likely carved a bottom.
According to the analyst, WIF is already flashing signs of a bullish reversal on the lower time frame after a deep corrective move from its all-time high of $4.83.
“Starting to feel confident WIF bottom is now in.
Not only did we get a nice 70% correction from peak to trough down to $1.46, but the structure played out in a long drawn-out three waves exactly as I wanted to.
We now also have an impulsive five-wave rise from the lows, the first one in months.
It’s likely a major bottom while 1.46 holds in my opinion, am now fully allocated to WIF again.”Â
Bluntz practices the 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, signaling a shift in trend.
The chart also suggests that WIF has concluded an ABC correction and looks poised for a rally above $3.
At time of writing, WIF is worth $2.01.
Bluntz is also bullish on the artificial intelligence (AI)-focused altcoin Fetch.ai (FET). According to the top trader, FET is flashing multiple signals suggesting that the correction is over.
“FET is my AI narrative pick.
-68% dip peak to trough, retesting prior all-time high and pullback structure is a clear as day three-wave move down.
I think this is a bottom and this one will turbo pump.”Â
At time of writing, FET is trading for $1.35.
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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 losses 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.
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