dailyhodl.com
A closely followed crypto analyst says that a Dogecoin (DOGE) rival is potentially copying the same parabolic structure that $BNB printed earlier this year.
Pseudonymous trader Inmortal tells his 214,000 followers on the social media platform X that memecoin $FLOKI could be repeating $BNB’s move in early 2024.
“Similar structures.
$BNB vs. $FLOKI.”
Looking at the trader’s chart, he seems to predict that $FLOKI will rally to $0.0003. At time of writing, $FLOKI is worth $0.000114
Inmortal says that $FLOKI’s recent sponsorship deal with English soccer team Nottingham Forest Football Club is another bullish catalyst for the memecoin.
The trader says that $FLOKI is likely to lead the memecoin resurgence once crypto bounces back.
“If you ask me this is a big one, and when markets go green again, $FLOKI will still be the leader if we talk about memecoins.”
Zooming out, Inmortal says that Bitcoin (BTC) is in a consolidation phase which will likely reverse very quickly. The trader says that 164 days worth of choppy price action will most likely be erased in a “matter of days.”
“Big consolidations precede big expansions.”
At time of writing, Bitcoin is trading at $58,978, trading almost completely sideways over the last seven days.
Generated Image: Midjourney