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Renowned economist Henrik Zeberg released a technical analysis of Dogwifhat (WIF) on X, predicting a massive 2,500% price increase for memecoin. According to Zeberg’s analysis, WIF is poised for an important rally, possibly reaching $78, driven by a large ABC pattern and a series of smaller underground waves.
Dogwifhat (WIF) price How can it hit $78
Zeberg’s WIF/USDT weekly chart shows a major ABC correction pattern, a basic formation in technical analysis that indicates a reversal phase within a broader bullish trend. This ABC pattern, according to Zeberg’s analysis, could eventually reach C at around $78. This target is based on the completion of ABC’s main building, with a price peaking when the maintenance phase ends which he described as “the economy reaching a bull market.”
Within this large ABC structure, Zeberg also reveals a series of five smaller waves, which are part of the upward momentum in the market. These five waves correspond to the principles of Elliott Wave theory, a method used to predict price movements based on market sentiment. In Zeberg’s chart, five waves (labeled 1 to 5) represent the early stages of a price rally, with the first wave being the first breakout, and the subsequent waves following with rising price points.
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The first wave pushed the price of WIF down to a high of $3.04, followed by a correction in the second wave that brought it down to $2.00. With the correction complete, Zeberg predicts that WIF could reach $6.59. In wave 4, Zeberg expects a dip to $4.59 before memecoin moves to $15.24.
The chart also highlights key Fibonacci retracement levels and extension levels, which Zeberg uses to reveal potential support and resistance areas as the WIF progresses. The Fibonacci extension level of 2.618, set at around $6.59, coincides with Zeberg’s short-term target. Following this, the high extension levels at 3.618 and 4.618 ($11.96 and $21.69, respectively) suggest additional momentum, which could take the price to the expected $78 if the market continues to follow this path.
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Zeberg’s near-term forecast includes a price move to $6.3 by the end of this week, followed by a slight pullback. From there, expect WIF to rise to $13-$15 in late November or early December. This intermediate price target is a milestone in a major cycle that will eventually lead to the $78 price target, which marks the completion of the ABC pattern.
Zeberg writes on X: “We can see ~6.3 USD by the end of the week. Then back down before moving to ~13-15 USD in late November – early December? If WIF dominates these measures — then ~78 USD is a likely target. Thank you so much!!!! “…
At press time, dogwifhat traded at $3.079.
Featured image from Shutterstock, chart from TradingView.com
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