One closely watched analyst believes meme token Floki (FLOKI) is gearing up for an uptrend towards a new all-time high (ATH).
FLOKI appears to have completed an ABC correction on the daily chart, pseudonymous analyst Bluntz told his 306,200 followers on social media platform X.
Bluntz uses Elliott Wave Theory, which states that bullish assets tend to trigger a five-wave upward move after completing an ABC retracement.
“FLOKI is another major meme heading ATH with turbo bulls in my opinion.
“The price action from the November high looks like another peak hour ABC and a new impulse appears to be on the way, and I think ATH before the end of the cycle is inevitable.”
Based on the trader’s charts, he seems to have predicted that FLOKI will surge close to $0.0004 by March. As of this writing, FLOKI is worth $0.0002.
Analysts are also watching the US Dollar Index (DXY), which traders use as an indicator of investors’ risk appetite. According to Bluntz, DXY looks bearish after respecting key Fibonacci resistance levels and completing an ABC upward correction. Now he expects the index to fall below 100.
“DXY has now reached a new high, hitting 108 as expected, breaking the 0.618 level and following an impulsive decline, a long slow ABC uptrend.
While DXY was pumping, risk assets held up very well, which was counterintuitive.
“I think we’ll start to get back to below 99 in 2025.”
A bearish DXY chart usually indicates that investors are dumping the US dollar to accumulate risky assets such as cryptocurrencies and stocks. At the time of writing, DXY is hovering at 108.
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