Economist Henrik Zeberg believes that one Solana (SOL)-based memecoin might quickly go on a parabolic rally.
Zeberg tells his 155,400 followers on the social media platform X that dogwifhat (WIF) might soar greater than 913% from its present worth after breaking out from a interval of consolidation.
“WIF might be at $15-$22 in a matter of weeks.”
The analyst makes use of the Elliott Wave Principle to counsel WIF’s explosive worth motion within the close to time period. The Elliott Wave Principle is a sort of technical evaluation that examines wave patterns based mostly on the repetitive conduct of market members. In accordance with Elliott Wave ideas, an ABCDE triangle signifies consolidation in an uptrend market might spark a powerful rally as soon as it’s accomplished.
“Are you onboard? It’s breaking out of lengthy ABCDE-consolidation. The potential is superb.”
WIF is buying and selling for $2.17 at time of writing, up 3.5% within the final 24 hours.
The analyst additionally says that the TOTAL3 chart on the weekly timeframe seems to be breaking out towards Bitcoin (TOTAL3/BTC).
The TOTAL3 chart tracks the market capitalization of all crypto property excluding Bitcoin, Ethereum (ETH) and stablecoins.
“Altseason is right here! Alts start to outperform BTC. Alts-BTC ratio has damaged increased after bullish divergence and it has retested the pattern line. Now we fly, or slightly alts fly. WIF has taken then lead [September 24th]!”
In accordance with the analyst, TOTAL3/BTC is breaking out after displaying bullish divergence with the relative power index (RSI), a momentum indicator. A bullish divergence typically suggests {that a} reversal is in sight as the worth of an asset trades decrease or sideways whereas an indicator is witnessing increased lows.
A TOTAL3/BTC breakout means that the broader altcoin market is outperforming Bitcoin.
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Verify Value Motion
Comply with us on X, Fb and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Buyers 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 chances are you’ll incur are your accountability. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in affiliate marketing online.
Generated Picture: Midjourney
