A widely followed cryptocurrency analyst believes a rival to Dogecoin (DOGE) and Shiba Inu (SHIB) is gearing up for a massive upside burst.
The analyst, pseudonymously known as Bluntz tells his 307,800 followers on the social media platform
Based on the widely followed analyst chart, it appears he is suggesting that FLOKI has almost completed an inverse head-and-shoulders pattern on the weekly time frame. Technical analysis shows that inverted head-and-shoulders patterns indicate that an asset is about to rise after a bullish right-shoulder higher-low setup.
“FLOKI has been gathering here for almost a year and is working on establishing a high-time frame right shoulder.
It will come to that and in my opinion new record highs will undoubtedly be reached in the coming months.”
FLOKI is trading at $0.000161 at the time of writing, down 53% from the all-time high of $0.000345 reached in June 2024.
The pseudonymous analyst also gives his opinion on the layer-one altcoin Sui (SUI). Bluntz say Sui looks strong despite the current market correction.
“The SUI daily [chart] is a sight to behold, just consistent power.
Always drops the least and makes new all-time highs on the slightest bit of market-wide strength.
I think new all-time highs are on the cards.”
SUI is trading at $4.60 at the time of writing, down about 15% from its all-time high of about $5.35 reached earlier this month.
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Generated image: Midjourney