A prominent analyst is bullish on the meme token Floki (FLOKI), predicting that it is poised for significant rallies that could lead to new all-time highs (ATHs). Bluntz, a well-known analyst, shared his insights with his large following on X, stating that FLOKI has completed an ABC correction on the daily chart.
Utilizing the Elliott Wave theory, Bluntz explained that after an ABC retracement, a bullish asset typically experiences a five-wave upside movement. He expressed his optimism about FLOKI’s potential for reaching ATHs, stating, “FLOKI is another major meme looking turbo bullish in my opinion and heading to ATHs. Price action from the November highs resembles another high timeframe ABC, with a fresh impulse likely underway. An ATH before the end of the cycle is inevitable in my opinion.”
According to Bluntz’s analysis, FLOKI could surge close to $0.0004 by March, with the current price standing at $0.0002. Additionally, the analyst is keeping a close eye on the US dollar index (DXY) as an indicator of investors’ risk appetite. He noted that the DXY appears bearish after encountering a key Fibonacci resistance level and completing an ABC upside correction. Bluntz anticipates that the index will drop below 100, stating, “DXY looks topped now, hit 108 as I expected, wicked a major 0.618 level, and looks like a long slow ABC up after an impulsive move to the downside. I think we start heading back below 99 in 2025.”
A bearish DXY chart typically suggests a shift in investor behavior towards unloading US dollars to invest in risk assets like cryptocurrencies and stocks. At the time of writing, the DXY is hovering around 108.
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As the market continues to evolve, it’s essential to stay informed and adapt your strategies accordingly. Keep an eye on key indicators like FLOKI and the DXY to navigate the ever-changing landscape of digital assets.