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- A top market analyst is confident in the potential of FLOKI to soar in this bull cycle.
- Different ecosystem updates including Valhalla and ETP push, sets the pace for a bullish rally.
Pseudonymous crypto analyst Bluntz believes the Floki (FLOKI) memecoin is preparing for rallies towards new All-Time Highs (ATHs). The analyst’s optimistic declaration is based on bullish indicators observed on FLOKI’s daily chart.
Bullish Signals Unveiled
In a recent X post, Bluntz stated, “floki is another major meme looking turbo bullish imo and heading to aths.”
Bluntz added that FLOKI appears to have completed an ABC correction on the daily chart. Notably, an ABC correction in crypto is a chart pattern that often signals a pause or a temporary halt in the previous trend.
This pattern begins with a downward movement (A wave), followed by a corrective upward movement (B wave), and another downward movement (C wave). An ABC correction wave usually leads to increased volatility and uncertainty in the market.
$floki is another major meme looking turbo bullish imo and heading to aths.
price action from the november highs looking like another high timeframe abc with a fresh impulse looking underway, ath before end of cycle inevitable imo. pic.twitter.com/ygugeokgti
— Bluntz (@Bluntz_Capital) January 4, 2025
Investors and traders may become cautious and hesitant, decreasing buying or selling pressure. This can result in a short pause or reversal in the prior trend.
Bluntz used the Elliott Wave theory, which posits that a bullish asset usually initiates a five-wave upward trend following the completion of an ABC correction. Highlighting the token’s recent performance, Bluntz said that price action from the November highs resembles another high timeframe. Therefore, he predicted an imminent ABC with a new impulse, leading to an ATH before the ongoing cycle ends.
Besides FLOKI, the analyst is keeping an eye on the US Dollar Index (DXY), which traders use to gauge how risk-tolerant investors are. According to Bluntz, the DXY is bearish after testing a crucial Fibonacci resistance level and completing an ABC upside corrective.
The analyst now expects the index to fall below 100. A bearish DXY chart often indicates that investors sell US dollars to buy risky assets like crypto and stocks.
FLOKI’s Price Trends and Ecosystem Updates
Bluntz appears to forecast that FLOKI would rise to about $0.0004 by March, based on his chart posted. FLOKI is worth $0.000176 at the time of writing, per Market Cap data. In the last 24 hours, the price of FLOKI has declined by 14%, while trading volume surged by 19.6% to $330 million.
The FLOKI memecoin has evolved into a multifaceted initiative with practical implications, particularly in the gaming industry. As CNF reported, Valhalla, its flagship metaverse game, is set to go live soon, featuring play-to-earn mechanics and an immersive open-world experience.
The Floki DAO has overwhelmingly voted to allocate liquidity to facilitate and help create a FLOKI Exchange-Traded Product (ETP). Thus, Floki is now on track to become the only memecoin besides Dogecoin to have an ETP on a regulated stock market.
The Floki ETP will go live on the SIX Swiss Exchange in the first quarter of 2025, per a CNF report.
