Bullish Analyst Predicts 359% Surge for Solana-Based Memecoin
In a recent social media post, renowned cryptocurrency analyst and trader Bluntz expressed his bullish sentiment on a Solana-based memecoin called dogwifhat (WIF). With a current trading price of $0.218, Bluntz believes that WIF has the potential to appreciate by approximately 359%. He confidently asserts, “If you think this ain’t going to $1 at least, you’re vastly underestimating how retarded we can be.“
According to Bluntz’s chart, the WIF/Solana (WIF/SOL) pair has formed two consecutive lower lows on the four-hour chart this year. This suggests that the memecoin has already bottomed out and is now ready for a significant upward trend. If Bluntz’s predictions come true, WIF could experience a substantial surge in value.
Ethereum Forms Bullish Divergence Against Bitcoin, Analyst Says
Bluntz also analyzed the Ethereum (ETH)/Bitcoin (BTC) pair, pointing out that it is forming a bullish divergence on the weekly chart. This divergence occurs when the price of an asset trends lower while the Relative Strength Indicator (RSI) trends upwards. According to Bluntz, this is a positive sign for Ethereum.
Additionally, Bluntz highlights a “fakeout to the downside” in the ETH/BTC pair, which he considers a very bullish signal. This indicates that the recent downward movement in the pair may not be a true reflection of its long-term trend. It suggests that Ethereum could potentially experience a significant upward movement against Bitcoin.
Ethereum Could Soar Above $2,900, Analyst Suggests
Based on Bluntz’s chart analysis, Ethereum could soar to above $2,900 in the coming days or weeks. Bluntz suggests that the second-largest cryptocurrency may be forming the second wave of a five-wave pattern on the four-hour chart. According to Elliott Wave theory, this pattern indicates the main trend of an asset’s price movement.
If Ethereum follows this pattern, it could be on its way to a bullish surge. However, investors should exercise caution and conduct their own due diligence before making any investment decisions.
Analyst Highlights Two Consecutive Lower Lows for Memecoin
Bluntz draws attention to the fact that the WIF/SOL pair has formed two consecutive lower lows on the four-hour chart, indicating a potential trend reversal. This suggests that the memecoin may have reached its bottom and is now poised for a significant upward movement.
Although memecoins carry inherent risks and are subject to market volatility, Bluntz’s analysis suggests that WIF may have significant upside potential in the near future. However, it is important for investors to thoroughly research and assess the risks before considering any investment in memecoins.
Fakeout to the Downside in Ethereum/BTC Pair Signals Bullish Trend
Bluntz identifies a “fakeout to the downside” in the ETH/BTC pair, which he considers a very bullish signal for Ethereum. This term refers to a situation where the market initially portrays a bearish trend but quickly reverses, indicating a potential bullish movement.
Bluntz’s analysis suggests that the recent downward movement in the ETH/BTC pair may not accurately represent its long-term trend. Instead, it could indicate that Ethereum is preparing for a significant upward movement against Bitcoin. Investors should closely monitor these trends and exercise caution when making investment decisions.
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Analyst comment
Positive: The bullish analyst predicts a 359% surge for Solana-based memecoin WIF, suggesting it has significant upside potential and may have bottomed out. Ethereum is also expected to experience a bullish trend, with the potential to soar above $2,900. The fakeout to the downside in the ETH/BTC pair indicates a potential bullish movement for Ethereum.
Analyst Conclusion: Both WIF and Ethereum are expected to have significant upward movements, offering potential opportunities for investors. However, caution and thorough research are advised due to the inherent risks and market volatility of memecoins and cryptocurrencies.
