An expert in altcoin trading, known for his accurate predictions, suggests that a meme token based on Solana (SOL) may be entering a new phase of growth.
Bluntz, an anonymous analyst, highlights two altcoins in the spotlight with high potential: dogwifhat (WIF) and Fetch.ai (FET).
Bluntz points out that WIF is showing signs of an upward recovery after a sharp correction that reduced its value from a peak of $4.83 to $1.46. He explains, “I’m starting to feel confident that the bottom for WIF has been reached. Not only have we had a good 70% correction from peak to trough, down to $1.46, but the structure has played out in three extended waves, just as I wanted. We also now have a five-wave impulsive move up from the lows, the first in months. This is likely a significant bottom, and as long as $1.46 holds in my opinion, I am fully allocated to WIF again.”
don’t be afraid to dream a little bigger.
$WIF
https://t.co/zWSk5xicri
pic.twitter.com/7XxUJrWAzu
— Bluntz (@Bluntz_Capital)
July 1, 2024
The Elliott Wave theory, used by Bluntz, suggests that bullish trends in assets generally occur in five upward waves, followed by a three-wave correction. The charts analyzed by the trader indicate that WIF has completed a five-wave recovery cycle on the hourly chart, setting itself up to surpass $3 after completing an ABC correction.
Bluntz is also optimistic about the future of the altcoin Fetch.ai (FET), which focuses on artificial intelligence. He notes that FET is showing signs that the correction phase has ended, projecting a promising scenario for the cryptocurrency. “FET is my AI narrative pick. -68% dip from peak to trough, retesting prior all-time high, and the pullback structure is as clear as day with a three-wave move down. I think this is a bottom, and this one will turbo pump.”
$FET
is my AI narrative pick.
-68% dip peak to trough, retesting prior all-time high and pullback structure is a clear as day 3 wave move down.
I think this is a bottom and this one will turbo pump.
pic.twitter.com/nXyHJ3kGPc
— Bluntz (@Bluntz_Capital)
June 26, 2024
At the time of publication, the price of WIF was quoted at $2.27, up 12% in the last 24 hours. Meanwhile, Fetch.ai (FET) was trading at $1.42, showing a 7% increase in the same period.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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