A prominent cryptocurrency analyst says that a competitor to Dogecoin (DOGE) could potentially mimic the same parabolic pattern that BNB printed earlier this year.
Anonymous trader Immortal told his 214,000 followers on social media platform X that the mimecoin FLOKI could replicate BNB’s moves in early 2024.
The trader predicts that FLOKI has a chance to move more than 160%.
“Similar structure.
BNB vs FLOKI.”
Looking at the trader’s chart, it seems he is predicting that FLOKI will rally to $0.0003. At the time of writing, FLOKI is worth $0.000114.
Immortal said FLOKI’s recent sponsorship deal with English football team Nottingham Forest Football Club is another bullish catalyst for Mimecoin.
The trader said that if the cryptocurrency price rebounds, FLOKI is likely to lead the revival of memecoins.
“I think this is a big deal, and if the market turns green again, FLOKI will still be the leader when it comes to Mimecoin.”
Zooming out, Immortal says Bitcoin (BTC) is in a consolidation phase that is likely to reverse very quickly. The trader says that 164 days of price action is likely to disappear “in a matter of days.”
“Great integration precedes great expansion.”
As of this writing, Bitcoin is trading at $58,978 and has been trading almost entirely sideways over the past seven days.
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