Dogecoin whales were buying, but will it be enough for the memecoin?
Despite being in a downward trend all week, Floki (FLOKI) remains significantly bullish, according to a crypto analyst. Basing his analysis on similarities between past price movements, the analyst has outlined a master plan for Floki, predicting that the popular meme coin and Shiba Inu competitor is set for a 2,000% surge. Analyst Reveals The Floki Master Plan In a recent X (formerly Twitter) post, crypto analyst, ‘Master Kenobi’ discussed Floki’s past price movements, identifying a unique recurring chart pattern that could indicate a future price spike for the cryptocurrency. The analyst predicted that if Floki can continue this recurring pattern, a massive price pump could happen around October 22. Related Reading: Crypto Capo Returns After 2 Months To Predict Ethereum Decline To $1,800, Is It Time To Go Long? According to the analyst, the Viking-themed meme coin experienced a sharp rise of about 92X over 112 days starting from July 5, 2021, followed by a long decline spanning 224 days, where its price crashed by a whopping 98.5%, reaching its bottom. Notably, the analyst asserted that after hitting that strategic low point, Floki had entered a more structured growth phase. On the Floki chart, Kenobi also identified three periods of price consolidation represented by distinctive purple triangles with similar heights but varying lengths. The analyst disclosed that inside these triangles, the price behavior of Floki becomes relatively predictable, marked by a red triangle. The lower half of this red triangle is seen as the best accumulation zone for investors, reflecting the most optimal entry point for Floki’s next upward move. Kenobi identified a recurring pattern where Floki typically exited this triangle around October 22 each year, representing the beginning of a new phase of consolidation followed by a massive price pump. He noted that this price pump is often signaled 35 days before the formation of the aforementioned red triangle. Continuing on this trend, the Shiba Inu competitor experienced another 11X increase 112 days after exiting the purple triangle on October 24, 2024. Similarly, after the meme coin moved out of the purple triangle on October 24 2023, it jumped 22X in 133 days. Based on this recurring pattern, Kenobi has suggested that Floki’s “magical date” for a potential bullish surge is likely around October 22. The analyst has forecasted that if the pattern holds, investors should expect a price rise followed by 3 months of strong consolidation. A 2,000% Price Pump To $0.002 Based on Kenobi’s observations highlighted above, he predicts that Floki could either witness a 1,000% surge to new highs or a 2,100% increase. The analyst disclosed that if the first scenario in 2021 repeats, after 112 days of consolidation, Floki could see its price skyrocketing by 11X to reach $0.0011. Additionally, its market capitalization is expected to increase to above $12 billion. Related Reading: Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally In contrast, if the second trend pattern in 2023 occurs this year, the price of Floki could jump to $0.0023 in 133 days, marking a 22X increase and a rise in its market capitalization to $25 billion. Despite Floki declining by over 21% this past week and plummeting again by 1.29% in the last 24 hours, Kenobi has confidently stated that his bullish projections are a “perfectly achievable and realistic” goal for the meme coin, which, as of writing, is trading at $0.00013. Featured image created with Dall.E, chart from Tradingview.com
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