Meme coins Dogecoin and Shiba Inu have dominated bullish predictions from crypto analysts in recent weeks, with many analysts predicting new all-time highs, especially for Dogecoin. However, according to technical analysis by crypto analyst Bluntz (@Bluntz_Capital), another meme coin is on track for a substantial 115% rally in the next couple of months. In a recent analysis shared on social media platform X, Bluntz predicted a possible 115% rally for Floki based on its long-term accumulation pattern and a technical breakout.
Meme Coin Accumulation Points To Major Breakout
Meme coin FLOKI had a wonderful first half of 2024 and went through a crazy surge that saw it become one of the best-performing meme coins. This interesting performance and surge in inflows saw FLOKI register a peak of $0.0003449 by the first week of June.
However, FLOKI has generally stayed under the radar for the past few months, especially during the recent rally in Q4 2024. As such, FLOKI’s price action has been highlighted by the formation of lower highs since June 2024. Despite this quieter period, crypto analyst Bluntz has pointed to a highly encouraging development in FLOKI’s price behavior. In a recent analysis, he noted that FLOKI has re-entered a critical accumulation range, which it has been forming for nearly a year.
According to Bluntz, this prolonged accumulation phase is shaping a high-timeframe (HTF) right shoulder on the weekly candlestick chart. The right shoulder is an important part of the inverse head-and-shoulders pattern, which is widely recognized as one of the most bullish formations in technical analysis.
The accumulation for the right shoulder is taking place in the $0.00011 to $0.00017 range, which coincides with the trading range during the left shoulder’s formation earlier in the year. Historical price action following the left shoulder’s completion saw FLOKI push to $0.0003449 in June. With this precedent in mind, this suggests that the ongoing consolidation at the right shoulder could similarly act as a launchpad for a significant upward breakout.
FLOKI To New All-Time Highs?
Bluntz’s analysis highlights the potential of the accumulation trend to drive FLOKI’s price toward new highs. If the right shoulder accumulation leads to a breakout similar to that of the left shoulder, FLOKI could deliver a significant rally, potentially exceeding its current all-time high. According to the analyst, the FLOKI will no doubt make a new all-time high very soon, with the potential 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 at $0.0003449. If FLOKI were to reach this projected all-time high, it would translate to a 115% surge from the current price.
Featured image created with Dall.E, chart from Tradingview.com
