A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a major altcoin that’s gone up by over 500% in five months.
The analyst pseudonymously known as Bluntz tells his 264,100 followers on the social media platform X that FLOKI (FLOKI) is forming a “solid” support level on the four-hour chart.
Based on an attached chart, it appears that Bluntz is suggesting that FLOKI has also formed an inverse head and shoulders (IHS) pattern, which is typically considered a bullish signal.
“It’s going to rip in my opinion.”
FLOKI is trading at $0.000178 at time of writing, up by over 6x since the February 5th low of $0.0000269.
The pseudonymous analyst further says that FLOKI’s trading volume is rising amid the memecoin’s breakout above a descending trend line.
“Exactly what you want to see in an IHS setup, parabola soon.”
Earlier, Bluntz had also expressed bullish sentiment on the Solana-based memecoin, dogwifhat (WIF).
According to the pseudonymous analyst, WIF could rally by around 444% by November of this year. The pseudonymous trader, who regularly applies the Elliott Wave theory in his technical analysis, says that WIF is in the early phases of forming a five-wave pattern that could see it hit $11 in about four months.
The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
WIF is trading at $2.02 at time of writing.
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