A closely watched cryptocurrency analyst believes a Dogecoin (DOGE) competitor is gearing up for bigger gains.
Pseudonymous trader Kaleo tells his 641,600 followers on social media platform
The analyst said Floki could go in many directions after forming a cup and handle pattern, which is a bullish technical indicator.
“There’s no need for fancy charts here. Zoom out and look at FLOKI.
- We’re re-testing all-time highs in 2021.
- High Time Frame Clean cups and handles.
- BNB is on the verge of price discovery.
- Memecoin Super Cycle.
This easily sends an additional $10 billion or more to the next phase.”
The analyst compares Floki’s current price pattern with Pepe (PEPE), another popular memecoin before its surge.
He also believes that Floki is benefiting from being based on Binance’s BNB chain, while BNB, the native token of the BNB chain, is on an upward trend.
“FLOKI during the low looks very similar to where it was before PEPE last rose. There is also a similar story. PEPE is a high ETH beta meme play and FLOKI is a high BNB beta meme play.”
Floki, which currently has a market capitalization of $3.1 billion, is trading at $0.0003182 at the time of this writing. This is an increase of more than 1,000% since it was trading at $0.0000269 four months ago on February 5th.
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Image created: DALLE3