A broadly adopted cryptocurrency dealer is warning that one low-cap memecoin constructed on the Solana (SOL) blockchain might abruptly witness a bearish reversal.
Pseudonymous dealer Bluntz tells his 286,900 followers on the social media platform X that the hippopotamus-themed memecoin Moo Deng (MOODENG) appears to be within the midst of an ABC corrective transfer after briefly shattering the $0.30 degree.
Bluntz practices the Elliott Wave idea, which states {that a} bullish asset tends to witness rallies after finishing an ABC transfer down. In keeping with the analyst, MOODENG moved too excessive too quick it wants a big correction earlier than the following leg up.
“Could possibly be wishful considering however I’d like to see a pullback right here on Moo Deng into white field so as to add. Beginning to get a wee bit too parabolic for my liking.”
Moo Deng hit a excessive of $0.335 on November eighth, up greater than 2,000% from $0.0154 on September twentieth.
Subsequent up, the analyst believes that memecoin Pepe (PEPE) might outperform the Solana-based memecoin dogwifhat (PEPE/WIF) after printing an ABC correction on the each day timeframe.
“Am an enormous WIF enjoyer however PEPE/WIF is giving me large outperformance vibes. All the time attempting to be within the quickest horses and PEPE is wanting fairly quick proper now in opposition to a number of cross pairs.”
At time of writing, PEPE is value $0.0000105.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Test Worth Motion
Comply with us on X, Fb and Telegram
Surf The Each day Hodl Combine
 
Disclaimer: Opinions expressed at The Each day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any losses you might incur are your accountability. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please observe that The Each day Hodl participates in affiliate internet marketing.
Generated Picture: Midjourney