Top Trader Says Altcoin That’s Up 2,000%+ in Two Months ‘Too Parabolic,’ Updates Forecast on PEPE
A widely followed cryptocurrency trader is warning that one low-cap memecoin built on the Solana ( SOL ) blockchain may abruptly witness a bearish reversal.
Pseudonymous trader Bluntz tells his 286,900 followers on the social media platform X that the hippopotamus-themed memecoin Moo Deng ( MOODENG ) looks to be in the midst of an ABC corrective move after briefly shattering the $0.30 level.
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness rallies after completing an ABC move down. According to the analyst, MOODENG moved too high too fast it needs a significant correction before the next leg up.
“Could be wishful thinking but I’d love to see a pullback here on Moo Deng into white box to add. Starting to get a wee bit too parabolic for my liking.”
Source: Bluntz/X
Moo Deng hit a high of $0.335 on November 8th, up more than 2,000% from $0.0154 on September 20th.
Next up, the analyst believes that memecoin Pepe ( PEPE ) may outperform the Solana-based memecoin dogwifhat (PEPE/ WIF ) after printing an ABC correction on the daily timeframe.
“Am a huge WIF enjoyer but PEPE/WIF is giving me massive outperformance vibes. Always trying to be in the fastest horses and PEPE is looking pretty fast right now against multiple cross pairs.”
Source: Bluntz/X
At time of writing, PEPE is worth $0.0000105.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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