A extensively 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 like to be within the midst of an ABC corrective transfer after briefly shattering the $0.30 degree.
Bluntz practices the Elliott Wave principle, 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 subsequent leg up.
“May very well 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 every day timeframe.
“Am an enormous WIF enjoyer however PEPE/WIF is giving me huge outperformance vibes. All the time making an attempt 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 price $0.0000105.
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Examine Price Action
Observe us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Day by day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any losses you might incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please notice that The Day by day Hodl participates in internet online affiliate marketing.
Generated Picture: Midjourney