JAKARTA - A well-known crypto analyst predicts that Memecoin Dogwifhat (WIF) will experience a price spike of more than 350 percent in the near future. Analysts under the pseudonym Bluntz, which was followed by 265,200 people on social media, revealed that WIF was at the start of a five-wave spike.
Bluntz uses Elliott's Wave theory to predict price movements. According to this theory, bullish assets tend to experience five wave increases after completing a three-wave correction (ABC).
What Is Elliott's Wave Theory Or Elliott Wave?
Elliott's Wave Theory is a technical analysis method used to predict price movements based on market wave patterns. According to this theory, price movements occur in a recurrent pattern known as waves. These waves consist of five waves in the direction of the main trend (waves 1, 2, 3, 4, and 5) and three corrective waves (waves A, B, and C).
Bluntz used this theory to analyze WIF and FLOKI movements, and believes that these two memecoins are in the early stages of a new bullish wave.
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WIF And FLOKI Price Predictions
Currently, WIF is trading at a price of 2.21 US dollars (Rp35,360), and Bluntz believes that the ABC WIF correction has been completed. He believes that WIF is ready to launch a massive increase.
"10 US dollars (Rp160,000) for WIFs has been established by law. Once it starts to move properly, do you think everyone who misses the final jump from a penny to $5 (Rp80,000) will miss the second round? It's impossible," said Bluntz confidently.
In addition to WIF, Bluntz is also optimistic about other memecoins, namely Floki (FLOKI). According to him, FLOKI has completed the ABC corrections and is preparing for a rally towards a new high of around $0.00045 (Rp7.2). Bluntz added that FLOKI is also showing bullish signals on daily graphs, indicating a possible trend reversal.
"Floki is one of my favorite memes right now. The macro ABC structure is complete, five waves are clearly visible in C and the divergences are bullish at high time frames at low points. I believe the new high is on the way," added Bluntz.
Memecoins such as WIF and FLOKI have gained great popularity among the crypto community. Although it is often considered speculative, the success of this memecoin is driven by strong communities and support from social media. A well-known example is Dogecoin (DOGE), which has succeeded in reaching large market capsities thanks to the support of famous figures like Elon Musk.
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