A widely followed cryptocurrency trader is warning that one low-cap memecoin built on the Solana (SOL) blockchain may abruptly witness a bearish reversal.
Pseudonymous trader Bluntz tells his 286,900 followers on the social media platform X that the hippopotamus-themed memecoin Moo Deng (MOODENG) looks to be in the midst of an ABC corrective move after briefly shattering the $0.30 level.
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness rallies after completing an ABC move down. According to the analyst, MOODENG moved too high too fast it needs a significant correction before the next leg up.
“Could be wishful thinking but I’d love to see a pullback here on Moo Deng into white box to add. Starting to get a wee bit too parabolic for my liking.”
Moo Deng hit a high of $0.335 on November 8th, up more than 2,000% from $0.0154 on September 20th.
Next up, the analyst believes that memecoin Pepe (PEPE) may outperform the Solana-based memecoin dogwifhat (PEPE/WIF) after printing an ABC correction on the daily timeframe.
“Am a huge WIF enjoyer but PEPE/WIF is giving me massive outperformance vibes. Always trying to be in the fastest horses and PEPE is looking pretty fast right now against multiple cross pairs.”
At time of writing, PEPE is worth $0.0000105.
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