There are Meme Dogecoin and Shiba Inu coins Control the bullish outlook of cryptocurrency analysts in recent weeks, with many analysts Expect the new for all times heights, Especially for Dogecoin. However, according to technical analysis by cryptocurrency analyst Bluntz (@Bluntz_Capital), another meme coin is on track for a massive 115% rally in the next two months. In a recent analysis shared on social media platform X, Plantz said Expect a potential increase of 115% For Floki based on long term accumulation pattern and technical breakout.
An accumulation of coins indicates a major breakout
Meme coin FLOKI had great success in the first half of 2024 and experienced a crazy boom that made it one of the best performing meme coins. This saw an interesting performance and increase in inflows FLOKI peak record $0.0003449 by the first week of June.
However, it has FLOKI in general He remained under the radar Over the past few months, especially during the recent rally in Q4 2024. As such, FLOKI’s price action has been highlighted by forming lower highs since June 2024. Despite this quieter period, cryptocurrency analyst Plantz noted A very encouraging development in FLOKI’s price behavior. In a recent analysis, he noted that FLOKI has once again entered the critical accumulation range, which has been building for nearly a year.
According to Pluntz, this long accumulation phase forms the right shoulder of the High Time Frame (HTF) on the weekly candlestick chart. The right shoulder is an important part of the inverse head and shoulders pattern, which is widely known as one of the most bullish formations in technical analysis.
The accumulation of the right shoulder occurs in the range of $0.00011 to $0.00017, which coincides with the trading range during the formation of the left shoulder earlier in the year. Historical price action after the completion of the left shoulder saw FLOKI rise to $0.0003449 in June. With this precedent in mind, this suggests that continued consolidation at the right shoulder could serve as a launching pad for a major bullish breakout.
Floki to all-time highs?
Plantz’s analysis highlights the potential for an accumulation trend to push FLOKI’s price towards new highs. If the right shoulder buildup results in a breakout similar to the left shoulder breakout, FLOKI could make a significant rally, potentially surpassing its all-time high. According to the analyst, FLOKI will undoubtedly achieve a new all-time high very soon, with a likely timeline within the next couple of months.
At the time of writing, FLOKI is trading at $0.000164 and the all-time high target is $0.0003449. If FLOKI reaches the expected all-time high, it will translate into a 115% upside from the current price.
Featured image created with Dall.E, chart from Tradingview.com