As a seasoned crypto investor with a decade of experience under my belt, I have learned to take technical analyses with a grain of salt but always keep an open mind. Henrik Zeberg’s analysis on Dogwifhat (WIF) has certainly caught my attention, especially considering the 2,500% price surge he predicts.
Renowned economist Henrik Zeberg has released a technical analysis of Dogwifhat (WIF) on X, forecasting a massive 2,500% price surge for the memecoin. According to Zeberg’s analysis, WIF is poised for a significant rally, potentially reaching $78, driven by a larger ABC pattern and a series of smaller subwaves.
How Dogwifhat (WIF) Price Could Hit $78
In my analysis, the weekly Zeberg chart presents a significant ABC corrective pattern within an overall bullish trend for WIF/USDT. This technical structure, commonly found in financial markets, signals a period of retracement before resuming the uptrend. As per Zeberg’s interpretation, point C of this ABC pattern may reach approximately $78. This target is derived from the full completion of the larger ABC structure, following which the price could potentially surge to new highs once the correction phase ends, a phase that Zeberg describes as “the economy aligning with the bull market.
Within the broader ABC framework, Zeberg breaks down a sequence of five mini-trends, contributing to the overall bullish trend in the market. These five trends correspond to Elliott Wave theory, a forecasting method based on market sentiment. On Zeberg’s graph, these five trends (labeled 1 to 5) signify the early phases of the price surge, where the first trend marks the initial breakout, and the subsequent trends build upon this foundation with progressively higher price levels.
Initial surge pushes WIF price up to $3.04, then a subsequent drop in the second phase occurred, taking it down to $2.00. Now that this correction is over, Zeberg foresees WIF potentially soaring to $6.59. In the next phase, he expects another dip around $4.59 before the memecoin ascends towards a potential high of $15.24.
The chart also highlights important Fibonacci retracement and extension levels, which Zeberg uses to project potential support and resistance zones as WIF progresses. The 2.618 Fibonacci extension level, positioned around $6.59, aligns with Zeberg’s immediate short-term target. Following this, higher extension levels at 3.618 and 4.618 ($11.96 and $21.69, respectively) suggest further upward momentum, which could take the price to the anticipated $78 target if the market continues to follow this trajectory.
According to Zeberg’s forecast, we may see a price increase towards $6.3 by the end of this week, followed by a short-term decrease. After that, he anticipates WIF reaching between $13 and $15 by late November or early December. These mid-range price predictions serve as significant landmarks in the broader trend that ultimately aims for the long-term goal of $78, which is suggested once the ABC pattern has been completed.
According to Zeberg’s communication via X, we might expect the price to be around $6.3 by the end of this week. After that, there could be a dip before it rises to roughly $13-$15 by the end of November or early December. If these steps are successfully navigated by WIF, then a target of approximately $78 is likely. Zeberg is extremely optimistic!
At press time, dogwifhat traded at $3.079.
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2024-11-11 21:04