The head macro strategist at Swissblock is predicting major moves for one Dogecoin (DOGE) rival ahead of a potential blow-off top for risk assets.
Henrik Zeberg tells his 155,900 followers on the social media platform X that Solana (SOL)-based memecoin dogwifhat (WIF) may be on the verge of an explosive breakout beyond the $3.10 level.
“WIF: wait for the pop!”
Looking at his chart, the analyst suggests WIF is printing a series of higher lows and higher highs on the four-hour timeframe.
In June, the analyst used Elliott Wave Theory to forecast an explosive run for WIF at the way to the $55 mark.
The theory states that an asset tends to witness a five-wave rally with wave three being the longest and the strongest move up.
WIF is trading for $2.93 at time of writing, up nearly 10% in the last 24 hours.
Zeberg is also warning of a potential blow-off top forming in financial markets.
In technical analysis, a blow-off top refers to a sudden rise in price action followed by a sharp decline.
“Blow-off top is developing! October will be amazing. Same for November. But underneath the economy is deteriorating. Average weeks of unemployment is moving higher. This is a structural weakness of the economy. Forget about NFP (Non-farm Payrolls) numbers which will be revised. This is the real development in the economy. The consumers are struggling.”
The economist shares a char
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Author: Daily Hodl Staff
