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Henrik Zeberg, a renowned economist, has shared a technical analysis on the platform X, forecasting an extraordinary 2,500% price increase for the memecoin Dogwifhat (WIF). Zeberg’s analysis suggests that WIF is on the brink of a significant rally, potentially climbing to $78. This prediction is grounded in the formation of a larger ABC pattern accompanied by several smaller subwaves.
Understanding the Potential $78 Target for Dogwifhat (WIF)
Zeberg’s weekly WIF/USDT chart illustrates a prominent ABC corrective pattern, a fundamental structure in technical analysis indicating a retracement phase within a broader bullish trend. According to Zeberg, the culmination of this ABC pattern at point C could see the price soaring to approximately $78. This target is based on the larger ABC structure’s completion, with the price reaching new heights once the correction phase concludes, aligning with Zeberg’s notion that the “economy catches up with bull market.”
Detailed Wave Analysis
Within the overarching ABC structure, Zeberg identifies a sequence of five smaller waves, integral to the market’s overall upward momentum. These waves conform to the Elliott Wave theory principles, a method used to predict price movements based on market psychology. In Zeberg’s chart, these five waves (labeled 1 through 5) represent the initial stages of the price rally, with the first wave marking the initial breakout and subsequent waves pushing the price higher.
Price Movement and Fibonacci Levels
The initial wave propelled the WIF price to a peak of $3.04, followed by a corrective phase in the second wave, lowering it to $2.00. With the correction complete, Zeberg anticipates WIF could surge to $6.59. For wave 4, a dip to $4.59 is expected before the memecoin catapults towards $15.24.
Zeberg’s chart highlights critical Fibonacci retracement and extension levels, which he uses to forecast 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. Higher extension levels at 3.618 and 4.618 ($11.96 and $21.69, respectively) suggest further upward momentum, potentially leading to the anticipated $78 target if the market continues this trajectory.
Future Price Predictions
In the near term, Zeberg predicts a price movement towards $6.3 by the week’s end, followed by a brief pullback. Subsequently, he expects WIF to ascend towards $13-$15 by late November or early December. These intermediate price targets are crucial milestones in the larger cycle that will eventually lead to the projected $78 price, marking the completion of the ABC pattern.
Zeberg expressed his bullish sentiment via X, stating: “Could we see ~6.3 USD by the end of the week? Then pullback before moving to ~13-15 USD by end of November – early December? If WIF manages these steps – well then ~78 USD is a probable target. I’m extremely BULLISH!!!!”
At the time of writing, Dogwifhat traded at $3.079.
