A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a Solana-based memecoin.
The analyst pseudonymously known as Bluntz tells his 236,100 followers on the X social media platform that the dogwifhat (WIF) memecoin could potentially appreciate by approximately 359% from the current level.
“If you think this ain’t going to $1 at least, you’re vastly underestimating how retarded we can be.”
WIF is trading at $0.218 at time of writing.
From the pseudonymous analyst’s chart, it appears that Bluntz is suggesting that the dogwifhat/Solana (WIF/SOL) pair has formed two consecutive lower lows on the four-hour chart this year after earlier bottoming out.
Turning to Ethereum (ETH), Bluntz says that when paired against Bitcoin (BTC), the second-largest crypto asset by market cap is forming a bullish divergence on the weekly chart where the price is trending lower while the Relative Strength Indicator (RSI), a momentum indicator used for determining overbought or oversold market conditions, is trending upwards.
According to Bluntz, the ETH/BTC pair has additionally witnessed a “fakeout to the downside” which is a “very bullish signal”.
ETH is trading at 0.05643000 BTC ($2,597) at time of writing.
Concerning the Ethereum/US dollar pair, the pseudonymous analyst is suggesting that the second-largest crypto asset could soar to above $2,900. According to Bluntz’s chart, Ethereum may form the second wave of a five-wave pattern on the four-hour chart as it heads upwards. According to Elliott Wave theory, the main trend of the price of an asset price moves in a five-wave pattern.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney