A top trader has issued a warning about popular Solana (SOL)-based competitor Dogecoin (DOGE), saying the memecoin has greater potential for a downturn.
In a video posted on social media platform .
According to the analyst, WIF saw a 109-day uptrend earlier this year, which led him to expect a similar number of down days for the memecoin.
“we [85] “After days of decline… in terms of time, a 1:1 extension… will take us into July.”
As for the downside price target for WIF, the analyst says he would be interested in loading WIF when traders capitulate as the memecoin price drops to around $1.
“So what I expect to happen is we have to keep working. I think 0.78.” [Fibonacci retracement level] It will be exploited… Ultimately, I think this will be a long-term killer entry into WIF.
Plantz practices Elliott Wave Theory, a technical analysis approach that attempts to predict future price movement by following the psychology of crowds that tend to appear in waves. According to this theory, bullish assets often experience a five-wave uptrend followed by a three-wave ABC correction period.
Looking at the trader’s chart, it seems to indicate that the WIF has already completed a five-wave rally and is now at the end of the ABC correction.
At the time of writing, WIF is worth $1.85.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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