Zinger Key Points
- At the time of the report, FLOKI was trading at $0.000144, marking a 13.2% increase in the last 24 hours.
The crypto market might be in for a surprise as a well-known crypto analyst predicts a significant rally for a competitor of Dogecoin DOGE/USD and Shiba Inu SHIB/USD.
What Happened: The analyst, known as Inmortal, shared on X platform that the meme coin Floki FLOKI/USD is showing a Relative Strength Index (RSI) pattern similar to one that previously resulted in a 200% price surge.
“Last time we reached this RSI level we bottomed and pumped 200% One of my fav charts right now,” Inmortal stated.
The RSI is a tool used to determine whether an asset is overbought or oversold. At the time of the report, FLOKI was trading at $0.000144, marking a 13.2% increase in the last 24 hours.
Inmortal also pointed out a change in the altcoin cycle, forecasting multiple altseasons with funds moving in and out of digital assets, as opposed to a simultaneous rise of most tokens.
Also Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours
He concluded his analysis by emphasizing the current “brutal” market conditions, with Bitcoin BTC/USD needing only a 5% increase to hit a new all-time high, while many altcoins need a 500% surge to match that.
Why It Matters: The predicted rally for FLOKI is significant as it comes amidst a volatile crypto market. The analyst’s observation of a shift in the altcoin cycle could indicate a new trend in the crypto market, with funds moving in and out of digital assets rather than a simultaneous surge.
This could potentially lead to more opportunities for investors to profit from different altcoins at different times.
Furthermore, the current market conditions, described as “brutal” by Inmortal, highlight the potential for significant gains for many altcoins, despite the relatively small increase needed for Bitcoin to reach a new all-time high.
Read Next
Forget Dogecoin And Shiba Inu — This Meme Coin Skyrockets After Coinbase Hints At Possible Listing
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