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 may very well be at $15-$22 in a matter of weeks.”
The analyst uses the Elliott Wave Concept to recommend WIF’s explosive worth motion within the close to time period. The Elliott Wave Concept is a kind of technical evaluation that examines wave patterns primarily based on the repetitive conduct of market contributors. In response to Elliott Wave rules, 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 wonderful.”
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 belongings excluding Bitcoin, Ethereum (ETH) and stablecoins.
“Altseason is right here! Alts start to outperform BTC. Alts-BTC ratio has damaged larger after bullish divergence and it has retested the development line. Now we fly, or moderately alts fly. WIF has taken then lead [September 24th]!”
In response to the analyst, TOTAL3/BTC is breaking out after exhibiting bullish divergence with the relative energy index (RSI), a momentum indicator. A bullish divergence usually suggests {that a} reversal is in sight as the value of an asset trades decrease or sideways whereas an indicator is witnessing larger lows.
A TOTAL3/BTC breakout means that the broader altcoin market is outperforming Bitcoin.
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Disclaimer: Opinions expressed at The Every day Hodl are usually 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 personal threat, and any losses you might incur are your duty. 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 be aware that The Every day Hodl participates in internet affiliate marketing.
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