Top Crypto Analyst Predicts 50% Rally for Solana-Based Memecoin Dogwifhat (WIF)

Renowned Altcoin Trader Predicts Short-Term Rally for WIF

Pseudonymous trader Bluntz, known for his timely altcoin predictions, believes memecoin Dogwifhat (WIF) is poised for a significant surge. Despite a medium-term bearish outlook, he anticipates a substantial short-term rally.

Bluntz highlights several bullish indicators, suggesting a potential relief rally before the downtrend resumes. Notably, he observes a series of five bearish waves followed by bullish divergences on various time frames. This pattern aligns with his expectation of an ABC upward correction.

"Even though I believe WIF is destined for $1 in the long run, I anticipate a 50% bounce beforehand," Bluntz states. "Shorting at current levels is unwise."

According to Bluntz's analysis, WIF is expected to rally to around $3-$3.4 before resuming its decline. He bases this prediction on the Elliott Wave Theory, which suggests that bearish assets typically experience an ABC correction following a five-wave decline.

At the time of writing, WIF is trading at $2.02.

Dogecoin Bulls Face Liquidation Pressure

In contrast to WIF's predicted rally, Dogecoin (DOGE) has experienced significant liquidations in futures markets. The sharp decline in DOGE's price led to $60 million in long positions being liquidated.

The meme coin market has been facing a downturn amidst broader selling pressure in cryptocurrencies. The anticipation of a Federal Reserve rate cut has prompted investors to favor less risky assets.

Data from Coinanlyze reveals that nearly all DOGE liquidations in the past 24 hours were from long positions. The open interest has also decreased by 16% to $600 million, indicating a bearish sentiment among traders.