A prominent economic analyst has set an ambitious price target for Solana-based cryptocurrency Dogwifhat (WIF). Just based on the movement in the price chart, experts believe that the coin can increase by as much as 840%. Henrik Zeberg predicts that it could rise from current levels near $2.02 to approximately $19, citing Bitcoin’s performance in November.
Several key technical metrics support Zeberg’s bullish outlook. In particular, the above analysis reveals a bullish divergence signal in the Relative Strength Index, where buy signals on the demand side can accumulate despite price action. Furthermore, the MAC chart is close to a bullish crossover and the Relative Strength Index is showing an uptrend.
The establishment of a Golden Cross pattern with the 13-day moving average breaking above the 49-day moving average adds weight to the bullish story. Experts believe that such a trend can be confirmed if the price of gold manages to break through the resistance level of $2,467.
Market structure and trading activity
Market sentiment also represented increasing trading engagement, with open interest rising to $445.64 million, up 4.29%. The fact that open interest has been steadily rising since November indicates trader attention and potential future volatility.
The findings suggest that WIF may be on the cusp of a third wave of a larger price structure cycle. In particular, wave theory, attributed to Ralph Nelson Elliott, predicts that third waves could contain large gains that could help the projected goal.
Zeberg’s broader market perspective places this possible maneuver within altcoin market. He does not rule out that, similar to the first wave dominated by Bitcoin, the first phase of the current market looks the same, but the more significant progress of altcoins could be in the third wave.
Market analysis and risk considerations
The strategies involved in the work of a particular analyst are based on pattern analysis, momentum indicators and wave theory. Therefore, this type of multiple analysis is intended to provide the most perspective on possible future price changes.
Nevertheless, the presented sentiment should be taken with a grain of salt as cryptocurrency capitalization and trading volume are still quite volatile. Technical analysis is part of market assessment and is not the ultimate way to make perfect predictions about the future.
The growing interest in Solana-based tokens reflects broader trends in the cryptocurrency ecosystem as investors seek opportunities outside of traditional market leaders. It may have played a role in increasing the volume of trade and interaction on Salt network.
Trading data also suggests that important support and resistance levels have been established for future trading activity with fairly large amounts of liquidity. Market makers and institutional traders are also trading the WIF token markets, implying a growing mainstream interest in the token.
