A closely watched analyst believes that the meme token Floki (FLOKI) is gearing up for rallies on its way to new all-time highs (ATHs).
Pseudonymous analyst Bluntz tells his 306,200 followers on social media platform X that FLOKI appears to have completed an ABC correction on the daily chart.
Bluntz uses the Elliott Wave theory, which states that a bullish asset tends to cause a five-wave upward move after completing an ABC retracement.
“FLOKI is another major meme that in my opinion looks turbo bullish and headed for ATHs.
Price action off the November highs looks like a new high time frame ABC with new momentum coming, ATH before the end of the cycle is inevitable in my opinion.
Based on the trader’s chart, he seems to predict that FLOKI will rise close to $0.0004 in March. At the time of writing, FLOKI is worth $0.0002.
The analyst also keeps an eye on the US dollar index (DXY), which traders use as a barometer of investors’ risk appetite. According to Bluntz, the DXY looks bearish after respecting a key Fibonacci resistance level and exiting an ABC upward correction. He now expects the index to fall below 100.
“DXY is looking great now, reaching 108 as I expected, reaching an important level of 0.618 and looking like a long slow ABC up after an impulsive move down.
Risky assets held up extremely well while DXY was pumping, which was counterintuitive.
I think we will go back below 99 in 2025.”
A bearish DXY chart typically suggests that investors are unloading their US dollars to accumulate risky assets such as cryptocurrencies and stocks. At the time of writing, the DXY is hovering at 108.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
