A widely followed crypto analyst says that one Dogecoin (DOGE) competitor may be on the verge of an explosive breakout.
In a new strategy session, pseudonymous crypto trader Bluntz tells his 325,400 followers on the social media platform X that the dog-themed meme asset Floki (FLOKI) is printing a bullish triangle pattern.
Bluntz is a practitioner of Elliott Wave theory, which aims to predict price movements in series of waves that are based on crowd psychology. He says that Floki may have completed an ABCDE triangle, foreshadowing a strong rally once the pattern is complete.
“Five days of sideways for Floki here. I reckon next leg up is pretty close now that its had time to chill for a bit.”
Looking at his chart, the analyst suggests that Floki may eventually hit a price target of more than $0.0001600.
Floki is trading for $0.0001412 at time of writing, down marginally on the day.
Next up, the analyst says that Bitcoin (BTC) may print new all-time highs of more than $125,000 after potentially forming an ABC correction to the $115,000 level.
Under Elliott Wave theory, a bullish asset tends to witness new rallies after concluding an ABC pullback.
“BTC looking like an early week sweep of $116,000 is on the cards before it can start pushing higher later in the week. Expecting any early week weakness to get bid back up around Tuesday or so.”
Bitcoin is trading for $119,105 at time of writing, up marginally on the day.
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