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.
The trader suggests that an over 160% move for FLOKI is potentially on the table.
“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