A well-known analyst and trader who accurately predicted the bottom of Bitcoin in 2018 is now expressing positive sentiment towards FLOKI, the 48th largest cryptocurrency by market capitalization. Going by the pseudonym Bluntz, the analyst has shared with his 260,300 followers on the social media platform X that FLOKI is currently forming an upward stair-step pattern on its daily chart, indicating bullishness. Bluntz believes that FLOKI is on the verge of achieving “escape velocity” in the near future.
In technical analysis, a stair-step pattern characterized by higher highs and higher lows is a bullish sign, while a pattern of lower lows and lower highs suggests bearishness. These patterns are used to determine market direction and identify potential entry and exit points.
Based on Bluntz’s chart, it seems that he predicts FLOKI could reach a price of up to $0.00075, which is approximately 162% higher than its current price. At the time of writing, FLOKI is trading at $0.000286.
Bluntz also draws a comparison between FLOKI’s price action and that of Pepe, another popular meme coin, before it hit a new all-time high earlier this week. He states that FLOKI gives him a similar vibe and that the chart looks promising.
Additionally, Bluntz mentions that Shiba Inu, the second-largest meme coin by market capitalization, is also showing bullish signs. He suggests that people’s affinity for dogs and frogs is contributing to the positive sentiment around these meme coins.
Please note that the opinions expressed by Bluntz and The Daily Hodl are not investment advice, and investors should conduct their own research before making any high-risk investments in cryptocurrencies or digital assets. Trading carries its own risks, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not a financial advisor.
