Dogwifhat (WIF) has completed its Elliott Wave 5-wave cycle and is now entering an A-B-C correction phase, according to a tweet by Crypto Patel. The analysis suggests that following the C-phase correction, WIF could experience an upward rally, potentially reaching $16 to $20, representing a 1200% increase from current levels.
If Patel’s prediction happens to be eventually correct, this makes WIF one of the best Solana meme coins to invest in now, but let’s dig in into details.
What you'll learn 👉
Dogwifhat (WIF) Price Analysis: A-B-C Correction and Fibonacci Levels
The A-B-C correction is a common pattern observed in financial markets, including cryptocurrencies. This correction typically follows a 5-wave cycle, as described by the Elliott Wave Theory. In the case of Dogwifhat, the current correction is expected to provide an opportunity for investors to enter the market at a discounted price.
According to Crypto Patel’s analysis, the correction target for WIF is the 0.382 Fibonacci level, which lies between $1.60 and $1.30. Fibonacci levels are widely used by traders and analysts to identify potential support and resistance levels, as well as entry and exit points.
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Show more +Potential Rally and Exit Strategy
Once the C-phase correction is complete, Dogwifhat is expected to embark on an upward rally. Crypto Patel’s analysis suggests that WIF could reach prices between $16 and $20, presenting a potential 1200% increase from current levels. This rally would likely be driven by increased investor interest and market sentiment following the correction.
However, it is crucial for investors to have a well-defined exit strategy in case the market does not perform as expected. In this case, Crypto Patel advises investors to exit their positions if the price WIF price breaks below the red line of the bull flag pattern.
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