Solana -based Memecoin Dogwifhat (WIF) fell by 72 %from the highest level of all time. However, popular analyst Bluntz thinks that WIF has reached the bottom level and gives recovery signals. Although technical indicators give positive signals, investors wonder if this recovery is permanent. So, is this really the beginning of an ascension, or is it just a temporary reaction?
The hope of rise for dogwifhat!
Bluntz uses Elliott Wave Theory in technical analysis. According to this theory, asset prices proceed with five waves main trend movements and three waves corrections. According to the analyst, WIF’s decline trend took longer than expected. However, signs of rise in low time periods began to be seen. It’s hard to say that a definite bull run has begun for now. But Bluntz believes that a five wavy rise formation may occur.
If this scenario occurs, a large price movement for WIF may be at the door. On the other hand, there has not yet been a clear break. Therefore, investors should be careful and follow the basic levels. WIF is currently trading for $ 1.32. The closest support level is around $ 1.20. If the price maintains this level, the probability of rise may increase. However, if it hangs below $ 1.20, a new wave of decrease can be triggered.
Critical Days for Bitcoin!
Analyst says Bitcoin (BTC) can create a dangerous ‘Swing Failure Pattern’ (SFP) in the two -week chart. This technical analysis model is used to determine trend turns and shows that Bitcoin carries a downward breaking risk. Bluntz emphasizes that Bitcoin should not complete this dangerous formation within five days. If BTC cannot hold at existing levels, we can see a harder correction.
However, in the positive scenario, the BTC can start a upward movement again. Investors should be prepared against volatil movements because uncertainty prevails in the market. Bitcoin is currently trading for $ 101,912. The most important level of support is in the $ 100,000 band. If this area breaks, a deeper correction may be experienced. On the other hand, if the BTC remains strong at this level, it may tend to rise again.
Dogwifhat And what should be expected for BTC?
The WIF is currently trading for $ 1.32 and gives recovery signals. However, there is a more rise wave for the formation of a definite bull trend. If the WIF exceeds $ 1.50, a strong recovery process may begin.
Bitcoin is at a critical point. If BTC does not complete the SFP formation, it may have a chance to rise. However, investors can wait for a difficult period in the decline scenario.
