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Cryptocurrency News Articles

Solana-Based Meme Coin Dogwifhat Poised for Bullish Run, Analyst Predicts

Apr 18, 2024 at 07:01 pm

Amidst a market correction, analyst Bluntz identifies a promising meme coin on Solana, dogwifhat (WIF), predicting a bullish reversal based on the Elliott Wave theory. WIF's price action suggests an impending upward move, presenting a potential entry point for investors. Bluntz also highlights a long-term opportunity for Near (NEAR) after a significant correction. However, the broader cryptocurrency market remains under pressure from a Bitcoin-led correction, raising concerns among investors.

Solana-Based Meme Coin Dogwifhat Poised for Bullish Run, Analyst Predicts

Prominent Analyst Signals Potential Upswing for Solana-Based Meme Coin Dogwifhat

Amidst the ongoing cryptocurrency market correction, a renowned analyst has identified a meme coin operating on the Solana blockchain that exhibits promising indications of a potential bullish reversal.

Dogwifhat (WIF) on the Verge of a Breakout

According to the anonymous analyst Bluntz, Dogwifhat (WIF), a meme coin running on Solana, may be poised for a significant upward move. Bluntz's analysis, reported by The Daily Hodl on Thursday, suggests that WIF has reached a crucial support level and is poised for a breakout.

"WIF hit $1.80 and reacted strongly into the 0.618 level. This is a promising reaction so far," Bluntz explained. "I'm hoping this is the low, but I'll wait for an impulsive five-wave rise on low timeframes (e.g., 30 minutes to one hour) for confirmation."

Bluntz employs the Elliott Wave theory, which posits that a bullish asset typically undergoes an ABC corrective move before embarking on a new five-wave rally. WIF's recent price action, in Bluntz's view, aligns with this pattern and suggests an impending surge.

"This will prove to be a great entry in time, in my opinion," he stated.

Near Protocol (NEAR): Long-Term Opportunity Post-Correction

Bluntz also holds a positive outlook for Near Protocol (NEAR), an Ethereum competitor that has witnessed a correction of over 50% in the past month. He anticipates a long-term opportunity for NEAR following this significant decline.

At the time of writing, WIF was trading at $2.38, a 7.85% increase, while NEAR stood at $5.56, indicating a rise of 1.19%.

Contextualizing the Market Conditions

The analyst's bullish stance on WIF and NEAR comes amidst a period of market correction within the cryptocurrency space. Solana, the blockchain on which WIF operates, has not been immune to this downturn, which has been largely attributed to a drop in the price of Bitcoin.

The sentiment surrounding Bitcoin's recent decline has the potential to impact the performance of other cryptocurrencies, including those operating on the Solana blockchain. However, it is important to note that the digital asset landscape is dynamic and sentiment can shift rapidly.

Notably, Macro Guru Raoul Pal has recently disclosed a significant reallocation of his portfolio towards Solana, favoring it over other cryptocurrencies, including Ethereum. This move has caught the attention of the cryptocurrency community and sparked discussions about potential shifts in the investment landscape.

Conclusion

The bullish analysis of Dogwifhat (WIF) and Near Protocol (NEAR) by a prominent analyst provides a glimmer of optimism amidst the ongoing market correction. While it is essential to exercise caution and conduct thorough research before making investment decisions, these insights may be valuable for investors who are seeking potential opportunities in the cryptocurrency space.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

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