A widely followed analyst and trader who accurately predicted the 2018 Bitcoin (BTC) bottom six months prior is expressing bullish sentiment on the 48th-largest crypto asset by market cap.
The analyst pseudonymously known as Bluntz tells his 260,300 followers on the social media platform X that FLOKI (FLOKI) is forming an uptrending stair-step pattern on the daily chart. According to Bluntz, FLOKI is poised to reach “escape velocity soon.”
In technical analysis, a stair-step pattern consisting of alternating higher highs and higher lows signifies bullishness. A stair-step pattern consisting of lower lows and lower highs suggests bearishness. Stair-step patterns are used to determine the direction of the market and identify potential points of entry and exit.
Based on Bluntz’s chart, it appears that the analyst foresees FLOKI reaching a price of up to $0.00075, around 162% above the current price.
FLOKI is trading at $0.000286 at time of writing.
According to Bluntz, FLOKI’s price action is currently mimicking that of Pepe (PEPE) just before the third largest memecoin by market cap hit a new all-time high earlier this week.
“Getting pre-PEPE all-time high vibes from FLOKI.
Chart looking really nice in my opinion.”
The widely followed analyst also says that the second-largest memecoin by market cap Shiba Inu (SHIB) is also looking bullish.
“People simply like dogs and frogs.”
SHIB is trading at $0.0000277 at time of writing.
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