A widely respected cryptocurrency analyst believes that a rival to Dogecoin (DOGE) and Shiba Inu (SHIB) is primed for a massive rally.
The analyst, who goes by the pseudonym Bluntz, told his 307,800 followers on social media platform
Based on a widely followed analyst’s chart, he appears to be implying that FLOKI is close to completing an inverted head and shoulders pattern on weekly time frames. In technical analysis, an inverted head and shoulders pattern suggests that the asset may be ready for a bounce after printing a bullish high-low setup with a right shoulder.
“FLOKI has been accumulating here for almost a year and is trying to put in a high time frame right shoulder.
That time will come and I think we will definitely hit new all-time highs in the coming months.”
FLOKI is trading at $0.000161 at the time of this writing, down 53% from its all-time high of $0.000345 reached in June 2024.
The anonymous analyst also offers his thoughts on layer 1 altcoin Sui (SUI). Bluntz said Sui appears strong despite the current market correction.
“The SUI daily (chart) is a sight to behold and has been consistently strong.
A bit of strength in the market as a whole always leads to a drop to a low and a new all-time high.
“I think it’s a new all-time high.”
SUI is trading at $4.60 at the time of this writing, down about 15% from its all-time high of about $5.35 reached earlier this month.
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