An expert in altcoin trading, known for accurate predictions, suggests that a Solana (SOL) meme-based token may be entering a new phase of uptrend. Bluntz, an analyst who opts for anonymity, has singled out two altcoins in the X space that are showing significant potential for growth: dogwifhat (WIF) and Fetch.ai (FET).
Bluntz indicates that WIF is showing signs of an upward recovery after a sharp correction that brought its value down from a peak of $4.83 to $1.46. He explains, “I’m starting to feel confident that WIF has hit bottom. Not only did we have a solid 70% correction from peak to trough, down to $1.46, but the structure unfolded in three extended waves just as I had anticipated. Additionally, we now have an impulsive five-wave move up from the lows, the first in months. This is likely a significant bottom, and as long as $1.46 holds in my view, I am now fully allocated back into WIF.”
Bluntz, utilizing Elliott Wave theory, suggests that bullish trends in assets typically unfold in five upward waves followed by a three-wave correction. Charts analyzed by the trader indicate that WIF has completed a five-wave recovery cycle on the hourly chart, gearing up to surpass $3 after completing an ABC correction.
Furthermore, Bluntz is bullish on the future of the altcoin Fetch.ai (FET), specializing in artificial intelligence. He notes that FET is displaying signs that the correction phase has concluded, envisioning a promising scenario for the cryptocurrency. “FET is my narrative pick for AI. With a 68% decline from peak to trough, retesting the previous all-time high and a clear pullback structure as the third-wave move descends. I believe this marks a bottom, and this one is poised for significant growth.”
As of the time of writing, the price of WIF was quoted at $2.27, marking a 12% increase in the last 24 hours. Concurrently, Fetch.ai (FET) was trading at $1.42, showing a 7% rise in the same period.
Disclaimer: The opinions expressed by the author, or individuals mentioned in this article, are for informational purposes only and should not be construed as financial or investment advice. Engaging in cryptocurrency investments or trades carries a risk of financial loss.
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