A widely followed crypto analyst claims that a rival to Dogecoin (DOGE) is potentially copying the same parabolic structure that BNB printed earlier this year.
Pseudonymous trader Inmortal tells his 214,000 followers on social media platform X that memecoin FLOKI could repeat BNB’s move in early 2024.
The trader suggests that a move of over 160% 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 climb to $0.0003. At the time of writing, FLOKI is worth $0.000114
Inmortal claims that FLOKI’s recent sponsorship deal with English soccer team Nottingham Forest Football Club is another bullish catalyst for the memecoin.
The trader says FLOKI is likely to lead the memecoin resurgence once the crypto rebounds.
“If you ask me, this is a major event, and when the markets turn green again, FLOKI will still be the leader if we talk about memecoins.”
Taking a step back, Inmortal claims that Bitcoin (BTC) is in a consolidation phase that will likely reverse very quickly. The trader claims that 164 days of volatile price action will most likely be erased in “a matter of days.”
“Great consolidations precede great expansions.”
At the time of writing, Bitcoin is trading at $58,978, moving almost completely sideways over the past seven days.
Don’t miss a thing – Subscribe to receive email alerts directly to your inbox
Check price
Follow us on XFacebook and Telegram
Surf the Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: Midjourney
