A generally followed crypto analyst says that a Dogecoin (DOGE) Competitor may be on the verge of an explosive outbreak.
In a new strategy session, pseudonyma crypto dealer Bluntz tells His 325,400 followers on the social media platform X as the dog theme Meme supply FLOKI (Flock) Prints a hooked triangle pattern.
Bluntz is a practitioner of Elliott Wave Theory, which aims to predict price movements in series of waves based on audience psychology. He says Floki may have completed an ABCDE triangle and watches a strong rally when the pattern is clear.
“Five days sideways for Floki here. I think the next leg up is quite close now that it had time to cool a bit.”
When looking at your chart, the analyst suggests that Floki can eventually hit a price target of more than $ 0.0001600.
FLOKI trades for $ 0.0001412 at the time of writing, down marginally on the day.
Next up, the analyst says the bitcoin (BTC) can print new peaks of more than $ 125,000 after potentially forming an ABC correction to the $ 115,000 level.
According to Elliott Wave Theory, a huge asset tends to witness the new rally after completing an ABC reset.
“BTC looks like an early week swipe of $ 116,000 is on the cards before it can start pressing higher later this week. Expect that some early week weakness will be bid back around Tuesday or so.”
Bitcoin shops for $ 119.105 at the time of writing, up marginally on the day.
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