A carefully adopted analyst believes the meme token Floki (FLOKI) is gearing up for rallies en path to recent all-time highs (ATHs).
Pseudonymous analyst Bluntz tells his 306,200 followers on the social media platform X that FLOKI seems to have accomplished an ABC correction on the day by day chart.
Bluntz makes use of the Elliott Wave concept, which states {that a} bullish asset tends to ignite a five-wave upside transfer after finishing an ABC retracement.
“FLOKI is one other main meme trying turbo bullish in my view and heading to ATHs.
Value motion from the November highs trying like one other excessive timeframe ABC with a recent impulse trying underway, ATH earlier than the tip of the cycle is inevitable in my view.”
Based mostly on the dealer’s chart, he appears to foretell that FLOKI will surge near $0.0004 by March. At time of writing, FLOKI is price $0.0002.
The analyst can be watching the US greenback index (DXY), which merchants use as a barometer for traders’ threat urge for food. In keeping with Bluntz, the DXY appears bearish after respecting a key Fibonacci resistance degree and concluding an ABC upside correction. He now expects the index to drop beneath 100.
“DXY appears topped now, hit 108 as I anticipated, depraved a significant 0.618 degree, and appears like an extended sluggish ABC up after an impulsive transfer to the draw back.
Threat belongings held up extraordinarily nicely whereas DXY pumped which was counterintuitive.
I believe we begin heading again beneath 99 in 2025.”
A bearish DXY chart usually means that traders are unloading their US {dollars} to build up threat belongings comparable to crypto and shares. At time of writing, the DXY is hovering at 108.
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