A cryptocurrency analyst predicts further decline for the meme-inspired cryptocurrency, which is up 1,130% year to date

A leading cryptocurrency analyst has revealed that he believes a cryptocurrency that is up more than 1,130% this year but has fallen more than 30% in the past month could continue to fall before its performance changes.

The analyst, who goes by the pseudonym Altcoin Sherpa on the microblogging platform .

Sharing a price chart showing technical levels, Sherpa noted that he expects the WIF to rebound, but noted that he doesn’t “really think this is the overall bottom,” adding that he expects the price to continue falling.

Based on its technical analysis of the coin’s price chart, Altcoin Sherpa suggests that WIF could see a temporary rise to around $2.50 before falling to $1.26, a level identified by the Fibonacci retracement method.

At the time of writing, WIF is trading at $1.86, having recorded an all-time high near $5 per token earlier this year. The meme-inspired cryptocurrency has grown exponentially this year, to the point where one trader succeeded Turn less than $2,000 of a Solana-based memecoin into over $10.9 million within a period of three months.

As recently reported by Altcoin Sherpa he reaffirmed his optimistic outlook on Ondo Finance (ONDO), a digital asset with a market capitalization of 1.6 billion dollars which has seen its value rise by over 1,400% since the beginning of the year.

Fuente