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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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