Meme coins Dogecoin and Shiba Inu have dominated bullish forecasts by crypto analysts in recent weeks, with many analysts Prediction of new all-time values heights, specifically for Dogecoin. However, according to a technical analysis from crypto analyst Bluntz (@Bluntz_Capital), another meme coin is on track for a significant 115% rally over the next few months. In a recent analysis shared on social media platform X, Bluntz said predicted a potential 115% rally for Floki based on its long-term accumulation pattern and a technical breakout.
Accumulation of meme coins points to a major breakout
The meme coin FLOKI had a wonderful first half of 2024 and experienced a crazy surge that made it one of the best performing meme coins. This interesting performance and the increase in inflows ensured this FLOKI is experiencing a peak from $0.0003449 by the first week of June.
However, FLOKI in general has stayed under the radar in recent months, especially during the recent rally in the fourth quarter of 2024. Therefore, FLOKI’s price movement has been highlighted by the formation of lower highs since June 2024. Despite this quieter period, crypto analyst Bluntz has pointed out an extremely encouraging development in the price behavior of FLOKI. In a recent analysis, he noted that FLOKI has re-entered a critical accumulation zone that it has been forming for almost a year.
According to Bluntz, this extended period of accumulation forms a right shoulder of the high timeframe (HTF) on the weekly candlestick chart. The right shoulder is an important part of the inverted head and shoulders pattern, which is widely considered one of the most bullish formations in technical analysis.
The accumulation for the right shoulder occurs in the range of $0.00011 to $0.00017, which is consistent with the trading range during the formation of the left shoulder earlier in the year. The historic price action following the left shoulder completion saw FLOKI rise to $0.0003449 in June. Given this precedent, this suggests that the ongoing consolidation on the right shoulder could also serve as a launching pad for a significant breakout higher.
FLOKI to new all-time highs?
Bluntz’s analysis highlights the potential for the accumulation trend to push FLOKI’s price towards new highs. If accumulation on the right shoulder leads to a similar breakout as the left shoulder, FLOKI could spark a significant rally and potentially surpass its current all-time high. According to the analyst, FLOKI will undoubtedly hit a new all-time high very soon, with the timeline possibly being within the next few months.
At the time of writing, FLOKI is trading at $0.000164 and the all-time high target is $0.0003449. Should FLOKI reach this projected all-time high, it would represent a 115% increase from current price.
Featured image created with Dall.E, chart from Tradingview.com