An analyst who has earned the “Master Trader” rank on the crypto exchange Bybit believes two top memecoins are setting the stage for breakout rallies.
Pseudonymous analyst Bluntz tells his 316,100 followers on the social media platform X that memecoin Floki (FLOKI) appears to be flashing bullish reversal signals on the daily and four-hour charts.
According to Bluntz, FLOKI has printed a bullish divergence on the daily chart, indicating that the crypto asset is seeing a rise in buying momentum. He also says FLOKI is trading within an ascending triangle pattern, a structure typically viewed as a bullish reversal formation.
“Very nice ascending triangle structure here on FLOKI after printing the bullish divergence at the lows.
Probably needs another day or two to form a bit more but anticipating this to eventually break out.”
Based on the trader’s chart, he seems to predict that FLOKI will rally to $0.000125. At time of writing, FLOKI is worth $0.000097.
Looking at fellow memecoin Dogecoin (DOGE), Bluntz says the altcoin appears to be carving a local bottom with an Adam and Eve structure – another bullish reversal pattern.
“Lots of nice Adam and Eve structure across the board starting to break out here. nice one on DOGE. Been nearly two weeks since the capitulation wick as well.”
At time of writing, DOGE is trading for $0.27.
As for the decentralized oracle Chainlink (LINK), the trader says it’s in the same boat as Dogecoin.
“Another nice one on LINK too, pretty much the same with most alts in my opinion.”
At time of writing, LINK is trading at $18.89.
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