A prominent cryptocurrency analyst and trader, known by the pseudonym Bluntz, has conveyed optimistic views regarding a major altcoin that has surged more than 500% over the past five months.
Bluntz, addressing his 264,100 followers on the social media platform X, has highlighted that FLOKI is currently establishing a robust support level on its four-hour chart. Additionally, he points out that FLOKI seems to be forming an inverse head and shoulders (IHS) pattern, widely recognized as a bullish indicator based on the attached chart.
“In my view, it’s poised for significant growth,” Bluntz asserted confidently.
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Source: Bluntz/X
As of the latest update, FLOKI is trading at $0.000178, marking an impressive increase from its low of $0.0000269 on February 5th.
Bluntz also noted a notable rise in FLOKI’s trading volume following its breakout above a descending trend line, a development he believes is crucial in the context of an IHS setup.
“This is exactly what you want to see in these setups; expect a parabolic move soon.”
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Source: Bluntz/X
Earlier, Bluntz had expressed similarly bullish sentiments regarding dogwifhat (WIF), a memecoin built on the Solana blockchain. According to his analysis, WIF could potentially surge by approximately 444% by November of this year. Employing the Elliott Wave theory, Bluntz outlined that WIF is in the initial stages of forming a five-wave pattern that might propel it to $11 within the next four months.
The Elliott Wave theory posits that the primary price trend of an asset unfolds in a sequence of five waves, interspersed with corrective movements in three-wave patterns.
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Source: Bluntz/X
Presently, WIF is trading at $2.02.
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