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 value motion within the close to time period. The Elliott Wave Concept is a kind of technical evaluation that examines wave patterns based mostly on the repetitive habits of market members. In line 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 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 in opposition to 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 reasonably alts fly. WIF has taken then lead [September 24th]!”
In line with 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 increased 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 will not be funding recommendation. Traders 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 individual threat, and any losses you might 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 observe that The Every day Hodl participates in affiliate internet marketing.
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