A famous trader Bluntz thinks that dogwifhat (WIF) will surge in the near future. Yet, he is short term bearish about WIF. You might want to take his words seriously. Bluntz was right many times before.
According to Bluntz, WIF, a Solana-based coin, will keep falling for a while, but in general this meme coin is poised for a big bounce. Interestingly, Bluntz doesn't think WIF is going to stay high forever.
The analysts thinks WIF is destined to settle around $1. But before that we might see it rallying up to $3-4 per coin.
Bluntz is one of those analysts, practicing the Elliott Wave theory. That's a technical analysis approach to predict future prices by following crowd psychology. Fans of the theory claim that crowd psychology is seen as a number of consecutive waves.
According to the Elliot Wave theory, a bearish asset signals about its future with a five-wave move down followed by a three-wave ABC correction upward.
At the moment, Bluntz claims that WIF has completed a five-wave move down. We are about to observe an ABC bounce. There's going to be three waves with price swinging up and down. The peak will be around $3-4. Then Bluntz sees WIF falling to around $1.
According to the official website of the dogwifhat project, "WIF isn't literally just a dog wif a hat ; it's a symbol of progress, for futuristic transactions, a beacon for those who think ahead".