A well-known crypto strategist believes that if Dogecoin (DOGE) gains traction, another memecoin called Floki (FLOKI) will also benefit from the hype. Inmortal, an anonymous analyst with a large following on the social media platform X, predicts that Floki will experience a breakout on April 20th, which has been dubbed “DOGE Day” by supporters of the memecoin. Inmortal’s chart indicates that if Floki can maintain support above the $0.00016 level, a breakout will be confirmed. Currently, Floki is trading at $0.0001385, showing a nearly 2% increase in the last 24 hours.
The analyst also suggests that Bitcoin (BTC) has potentially reached a market bottom. Inmortal points out that there may be further fluctuations, but overall, it seems like a bottom has been reached. This observation is supported by bullish divergence, the price being at a range low (19% lower than its all-time high), and a lack of an accelerating downtrend. Bitcoin is currently trading at $62,206, with a 1.1% increase in the last 24 hours.
Furthermore, Inmortal believes that Ethereum (ETH) may be preparing for a breakout against Bitcoin (ETH/BTC). While timing the exact bottom is challenging, the analyst suggests that the current low could be part of a bottom formation based on market structures and overall sentiment. Inmortal states that there is no need to stress and that a breakout will occur once ETH/BTC surpasses 0.055 BTC. At present, ETH/BTC is trading at 0.048 BTC ($3,066).
It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before engaging in high-risk investments. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor.
