A popular crypto analyst recently highlighted a potential opportunity in the altcoin market, pointing to a past trend that resulted in a significant price increase for the meme coin Floki (FLOKI). The analyst, known as Inmortal, shared insights with his large following on X, stating that when Floki’s Relative Strength Index (RSI) reached a certain level in the past, the token experienced a 200% surge in price.
The RSI is a technical indicator used to assess whether an asset is overbought or oversold. Currently, FLOKI is trading at $0.000144, showing a gain of 13.2% over the last 24 hours. Inmortal believes that the altcoin market has evolved, with individual tokens no longer experiencing simultaneous massive price increases. Instead, the analyst predicts multiple altseasons where funds flow in and out of different digital assets based on specific narratives.
Inmortal emphasized that the current market conditions are challenging, noting that Bitcoin (BTC) is on the cusp of reaching a new all-time high with just a 5% increase, while many altcoins would need gains of up to 500% to reach their previous ATHs. BTC is currently trading at $105,050, showing a slight decrease for the day.
The analyst’s analysis suggests a more nuanced approach to altseasons in the future, with different narratives driving price movements in various tokens. This shift in the market dynamics could present both challenges and opportunities for investors looking to navigate the evolving crypto landscape.
For the latest updates and insights on the crypto market, be sure to subscribe to receive email alerts directly to your inbox. Stay informed about price action and market trends by following us on X, Facebook, and Telegram. Don’t miss out on the latest news and analysis from The Daily Hodl Mix.
As the crypto market continues to evolve, it is essential for investors to stay informed and adapt their strategies accordingly. By staying informed and following the latest trends, investors can position themselves for success in the ever-changing world of digital assets.