Same coins as Dogecoin and Shiba Inu have bullish predictions dominated crypto analysts in recent weeks, with many analysts predict a new record tops, especially for Dogecoin. However, according to technical analysis from crypto analyst Bluntz (@Bluntz_Capital), another meme coin is on track for a substantial 115% rally over the next few months. In a recent analysis shared on social media platform X, Bluntz predicts possible 115% rally for Floki based on its long-term accumulation pattern and a technical breakout.
Meme Coin Hoarding Points Toward Major Breakout
The FLOKI meme coin had a wonderful first half of 2024 and saw a crazy surge that saw it become one of the best performing meme coins. This interesting performance and this increase in collections saw FLOKI records a peak from $0.0003449 by the first week of June.
However, FLOKI generally has stayed under the radar over the past few months, especially during the recent rally in Q4 2024. Thus, FLOKI’s price action has been highlighted by the formation of higher lows since June 2024. Despite this calmer period, the Crypto analyst Bluntz highlighted a very encouraging development in FLOKI’s price behavior. In a recent analysis, he noted that FLOKI had re-entered a critical accumulation zone that it had been forming for almost a year.
According to Bluntz, this extended accumulation phase shapes a high period right shoulder (HTF) on the weekly candlestick chart. The right shoulder is an important part of the inverted head-and-shoulders pattern, which is widely recognized as one of the most bullish formations in technical analysis.
The accumulation for the right shoulder is between $0.00011 and $0.00017, which coincides with the trading range when the left shoulder formed earlier in the year. Historical price action following the completion of the left shoulder saw FLOKI push to $0.0003449 in June. With this precedent in mind, this suggests that the ongoing consolidation at the right shoulder could also serve as a launching pad for a significant upward breakout.
FLOKI towards new historic highs?
Bluntz’s analysis highlights the potential for the accumulation trend to push FLOKI’s price to new highs. If the right shoulder accumulation results in a similar breakout as the left shoulder, FLOKI could generate a significant rally, potentially surpassing its current all-time high. According to the analyst, FLOKI will undoubtedly reach a new all-time high very soon, with a potential timetable in the coming months.
At the time of writing, FLOKI is trading at $0.000164 and the all-time high target is $0.0003449. If FLOKI were to reach this predicted all-time high, it would result in a 115% upside from the current price.
Featured image created with Dall.E, chart from Tradingview.com
