A cryptocurrency trader with a large following is cautioning that a low-cap memecoin on the Solana blockchain may experience a sudden bearish reversal.
The trader, known as Bluntz, shared with his 286,900 followers on X that the hippopotamus-themed memecoin Moo Deng (MOODENG) appears to be undergoing an ABC corrective move after briefly surpassing the $0.30 mark.
Bluntz employs the Elliott Wave theory, which suggests that a bullish asset typically sees upward movements after completing an ABC correction. He believes that MOODENG has surged too rapidly and now requires a substantial correction before resuming its upward trend.
“I would like to see a pullback in Moo Deng to the indicated area to consider adding. The current rapid rise is starting to look too parabolic for my taste.”
MOODENG reached a peak of $0.335 on November 8th, marking a more than 2,000% increase from $0.0154 on September 20th.
Looking ahead, the analyst predicts that the memecoin Pepe (PEPE) could outperform the Solana-based memecoin dogwifhat (PEPE/WIF) following an ABC correction on the daily timeframe.
“Although I am a fan of WIF, PEPE/WIF is showing strong potential for outperformance. I always aim to be with the fastest performers, and PEPE is currently showing impressive speed across various pairs.”
As of now, PEPE is valued at $0.0000105.
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