A broadly adopted cryptocurrency dealer is warning that one low-cap memecoin constructed on the Solana (SOL) blockchain could 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 stage.
Bluntz practices the Elliott Wave principle, which states {that a} bullish asset tends to witness rallies after finishing an ABC transfer down. In line 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 pondering 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) could outperform the Solana-based memecoin dogwifhat (PEPE/WIF) after printing an ABC correction on the day by day timeframe.
“Am an enormous WIF enjoyer however PEPE/WIF is giving me huge 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 price $0.0000105.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Verify Price Action
Observe us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Every 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 individual danger, and any losses you could incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in online marketing.
Generated Picture: Midjourney
