A renowned analyst, known as Bluntz, who has gained a significant following for his accurate altcoin predictions, has identified a memecoin running on the Solana blockchain, called dogwifhat (WIF), as showing signs of a bullish reversal. Bluntz, who practices the Elliott Wave theory, believes that WIF may have reached a local bottom when it dropped to approximately $1.89 over the weekend. He is now awaiting confirmation of an impulsive five-wave rise on shorter timeframes, such as 30 minutes to one hour, to confirm his prediction. Bluntz also expresses optimism about the price action of WIF, stating that it is displaying a promising rise from the lows, further supporting the notion of a bullish reversal.
In addition to his analysis of WIF, Bluntz also expresses bullish sentiment towards Near (NEAR), a competitor of Ethereum (ETH). He highlights that NEAR has experienced a correction of over 50% in just one month, resulting in attractive opportunities for long-term holders. Bluntz points out that NEAR’s price action indicates a clear ABC corrective move, with the C wave showing five subwaves. He also notes that the 4-hour RSI (relative strength index) is extremely oversold, reaching levels not seen since the coin’s bottom at $1. In conclusion, Bluntz believes that NEAR presents a favorable entry point for investors.
At the time of writing, WIF is valued at $2.64, while NEAR is priced at $5.46, showing an increase of over 26% from its April low of $4.31.
Disclaimer: The opinions expressed in this article are solely those of the analyst and should not be considered as investment advice. Investors are advised to conduct their own research and exercise caution when making high-risk investments in cryptocurrencies or digital assets. It should be noted that all transfers and trades are done at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, and does not provide investment advice. Please be aware that The Daily Hodl may receive compensation through affiliate marketing.