- The cryptocurrency market has witnessed robust growth in the first quarter, with certain meme coins grabbing attention with explosive price surges.
- However, the market turned predominantly red in May, causing many meme coins to slide from their peaks.
- Two analysts with a large following in the market are predicting sharp declines for a meme coin that made explosive moves in the past.
Analysts predict a sharp decline for a meme coin that previously made explosive moves, followed by a rally. The market is in a bearish mood, and the direction it will take remains uncertain.
Analyst Bluntz predicts a crash and then a rally for the meme coin in focus!
As you follow on CoinOtag, there is a suffocating atmosphere in the market. The market, which is stuck, maintains its uncertainty about which direction it will move. However, analysts predict a sharp decline for some tokens. Popular analyst Bluntz predicts that the Solana-based meme coin project dogwifhat (WIF) could fall by about 66% from its current level.
Bluntz uses Elliott Wave theory in his technical analysis
Bluntz applies the Elliott Wave theory regularly in his technical analysis. According to Bluntz, WIF is probably in the process of completing a corrective three-pattern wave. According to the Elliott Wave theory, the price of an asset moves in a five-wave formation in the main trend. The correction occurs in a three-wave formation. According to his chart, the analyst predicts that WIF will bottom out around the $1 price range. However, he predicts a rising trend towards all-time highs after this crash.
Another popular analyst, Credible Crypto, also expects a sharp decline for WIF
In addition to Bluntz, another popular analyst known as Credible Crypto also expects WIF and other meme coins to fall. According to Credible Crypto, WIF is likely to fall by about 47% from its current level. In this context, the analyst makes the following statement:
Credible Crypto warns about potential major drops for WIF and other meme coins
People are starting to take note of what I’ve been saying for weeks now. If you still haven’t taken a look and/or refused to open your mind to the possibility of a sub $2 WIF and major drops across the board for DOGE and other memes it’s not too late.
Conclusion
Both analysts predict a sharp decline for the meme coin WIF, followed by a potential rally. The market’s direction remains uncertain, and investors should be cautious. The predictions highlight the volatile nature of meme coins and the cryptocurrency market in general.
