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<ul> 
 <li>Renowned altcoin trader Bluntz, despite his medium-term bearish outlook on WIF, anticipates a substantial short-term rally.</li> 
 <li>He highlights multiple bullish indicators and expects an ABC upward correction, predicting a 50% bounce to around $3-$3.4 before WIF resumes its downtrend.</li> 
</ul> 
A trader renowned for making timely altcoin predictions believes one memecoin is set for a significant surge. Pseudonymous analyst Bluntz, sharing insights with his 261,500 followers on social media platform X, stated that despite being medium-term bearish on meme token Dogwifhat (WIF), he anticipates a substantial bounce. 
<iframe title="Top Crypto Analyst Forecasts 50% Surge for Solana-Based Memecoin WIF" width="788" height="443" src="https://www.youtube.com/embed/cBOtwgl16lw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe> 
Bluntz noted that WIF is displaying multiple bullish indicators, suggesting a potential relief rally before resuming its downtrend. Analyst Bluntz noted: 
<blockquote>
 Even though I think on high timeframe WIF looks cooked and destined for $1, I also believe a 50% bounce first could be on the cards.&nbsp;We can see five waves down from the $4 lower high and nice bullish divergences on the four-hour, eight-hour, and 12-hour [charts]. Expecting a countertrend ABC up to around $3-3.4 to rope everyone back in again. Shorting these levels definitely not smart in my opinion.
</blockquote> 
<img loading="lazy" decoding="async" class="size-large wp-image-729594 aligncenter" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/WIFUSDT-775x1024.jpeg" alt="" width="775" height="1024" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/WIFUSDT-775x1024.jpeg 775w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/WIFUSDT-227x300.jpeg 227w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/WIFUSDT-768x1015.jpeg 768w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/WIFUSDT-150x198.jpeg 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/WIFUSDT-450x595.jpeg 450w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/WIFUSDT.jpeg 909w" sizes="(max-width: 775px) 100vw, 775px"> 
Bluntz employs the Elliott Wave theory, a technical analysis method that aims to forecast future price movements by analyzing crowd psychology, which typically appears in wave patterns. The theory suggests that a bearish asset usually experiences a five-wave decline followed by a three-wave ABC upward correction. 
According to Bluntz’s chart, he anticipates that WIF has finished its five-wave decline and is now set to initiate an ABC bounce. However, after this bounce, Bluntz expects WIF to drop to approximately $1. As of press time, the Dogwifhat (WIF) price is trading at $2.02. 
<h3 id="dogecoin-bulls-see-strong-liquidations">Dogecoin Bulls See Strong Liquidations</h3> 
Bullish bets on dogecoin (DOGE) futures significantly underperformed compared to bitcoin (BTC) on Monday, as a sharp decline in the meme token led to $60 million in long positions being liquidated. DOGE’s price plummeted over 10% before a brief recovery during Asian trading hours amid a broader sell-off in major cryptocurrencies, including Bitcoin. 
The meme coin market has seen a general downturn this month as Bitcoin faces downward pressure. The anticipation of a Federal Reserve rate cut has driven investors toward less risky assets, potentially impacting DOGE as one of the largest meme coins in the market, as <a href="https://www.crypto-news-flash.com/dogecoins-price-outlook-traders-cautioned-against-long-positions-amidst-consolidation/" target="_blank" rel="noopener">reported by Crypto News Flash</a>. 
According to Coinanlyze data, nearly all DOGE liquidation activity in the past 24 hours was from long positions, with only about $600,000 worth of shorts being liquidated. These figures represent the highest DOGE futures liquidations since May 2021, with over $44 million of the liquidations occurring on Huobi, a crypto exchange favored by traders in Asia. 
Open interest, representing the number of unsettled futures contracts, has decreased by 16% to $600 million. Additionally, the long-short ratio for DOGE futures stands at 0.94, reflecting a bearish sentiment among traders who are positioning for further declines.

Top Crypto Analyst Predicts 50% Rally for Solana-Based Memecoin Dogwifhat (WIF)

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