As the cryptocurrency market continues to evolve, a widely followed analyst has set their sights on a memecoin that has already experienced a remarkable 6x surge in the past five months. According to the pseudonymous analyst Bluntz, the altcoin FLOKI (FLOKI) is poised for a parabolic breakout, and it’s all in the technical analysis.
FLOKI Forming Bullish Pattern
Bluntz, with a following of over 264,100 on the social media platform X, has been closely monitoring FLOKI’s price movements. The analyst has identified that the memecoin is forming a “solid” support level on the four-hour chart, potentially indicating a bullish setup.
“It’s going to rip in my opinion.”
- Bluntz, Cryptocurrency Analyst
Furthermore, Bluntz suggests that FLOKI has also formed an inverse head and shoulders (IHS) pattern, a technical formation often associated with a bullish reversal. This pattern, combined with the rising trading volume amid FLOKI’s breakout above a descending trend line, has the analyst optimistic about the memecoin’s future performance.
FLOKI’s Impressive Gains
FLOKI has already showcased its impressive growth, with the memecoin surging over 6x since its February 5th low of $0.0000269. At the time of writing, FLOKI is trading at $0.000178, reflecting the significant gains it has achieved in just a few months.
Analyst’s Bullish Outlook on Other Memecoins
Bluntz’s bullish sentiment extends beyond FLOKI. The analyst has also expressed optimism about the Solana-based memecoin, dogwifhat (WIF), suggesting that it could potentially rally by around 444% by November of this year.
The pseudonymous trader, known for applying the Elliott Wave theory in their technical analysis, believes that WIF is in the early stages of forming a five-wave pattern that could propel the memecoin to $11 in the coming months.
As the cryptocurrency market continues to evolve, savvy investors and analysts like Bluntz are closely monitoring the trends and patterns that could unveil new opportunities for potential gains. With FLOKI and other memecoins attracting attention, the future of the crypto landscape remains fascinating to observe.
