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 could possibly be at $15-$22 in a matter of weeks.”
The analyst uses the Elliott Wave Idea to counsel WIF’s explosive worth motion within the close to time period. The Elliott Wave Idea is a kind of technical evaluation that examines wave patterns based mostly on the repetitive conduct of market individuals. In keeping with Elliott Wave ideas, an ABCDE triangle signifies consolidation in an uptrend market might spark a robust 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 in opposition to 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 increased after bullish divergence and it has retested the pattern line. Now we fly, or moderately alts fly. WIF has taken then lead [September 24th]!”
In keeping with the analyst, TOTAL3/BTC is breaking out after exhibiting bullish divergence with the relative power 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 Each day Hodl usually are not funding recommendation. Traders 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 individual danger, and any losses you could incur are your accountability. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please word that The Each day Hodl participates in affiliate marketing online.
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