Pre-eminent for precise prognostications, a crypto analyst by the name of Bluntz has prophesied a considerable diminution in the meme coin WIF, which occupies a ranking in the top 50 by market capitalization. The analyst envisions a retreat of over 50% for this alternative coin.

Glimpse into Analyst Bluntz's Prognosis for WIF

Bluntz, an incognito crypto analyst, forewarned users on X social media platform of a potential downturn of approximately 66% in WIF, a meme coin operating on the Solana Blockchain.

Renowned for employing the Elliott Wave theory in technical assessments, Bluntz intimated that WIF may be nearing the culmination of a corrective three-wave configuration. Conforming to the Elliott Wave theory, price movements chiefly materialize in a five-wave pattern, with corrections occurring in a three-wave structure.

Upon scrutinizing the shared price graph, it appears that the analyst envisions WIF establishing a foundation around $1 before advancing towards all-time peaks.

Presently positioned as the 43rd largest cryptocurrency in terms of market capitalization, WIF was priced at $2.94 at the time of scripting this article. The meme coin native to Solana encountered a nadir of $0.069 on January 10, 2024, representing an over 42-fold surge in value within a timeframe of four months.

Credible Crypto Also Envisions a Downtrend in WIF

In alignment with Bluntz, another esteemed crypto analyst, recognized as Credible Crypto, cautioned about an anticipated drop in WIF and various other meme coins. Credible Crypto indicated a potential decline of around 47% from the existing price levels of WIF.

Whilst releasing the warning, the analyst accentuated the looming descent, stating, "If you have not evaluated as of yet, and/or do not envisage a substantial decline in WIF under $2, Dogecoin (DOGE), and other meme coins, it is not too tardy for that."