A closely watched crypto analyst says a rival to Dogecoin (DOGE) may be copying the same parabolic structure that BNB printed earlier this year.
Pseudonymous trader Inmortal tells his 214,000 followers on social media platform X that memecoin FLOKI could repeat BNB’s move in early 2024.
The trader suggests that a move of over 160% for FLOKI may be on the table.
“Similar structures.
BNB vs. FLOKI.”
Looking at the trader’s chart, he seems to predict that FLOKI will rise to $0.0003. At the time of writing, FLOKI is worth $0.000114
Inmortal says FLOKI is recent sponsorship deal with English football team Nottingham Forest Football Club is another bullish catalyst for the memecoin.
The trader say that FLOKI will likely lead the resurgence of memecoins once crypto rebounds.
“If you ask me this is a big one, and when the markets turn green again, FLOKI will still be the leader when we talk about memecoins.”
Zooming out, Inmortal says Bitcoin (BTC) is in a consolidation phase that will likely reverse very soon. The trader say that 164 days of choppy price action will most likely be erased in a “matter of days.”
“Major consolidations precede major expansions.”
At the time of writing, Bitcoin is trading at $58,978, having traded almost completely sideways over the past seven days.
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Generated image: Midjourney