The widely followed cryptocurrency analyst and trader has expressed bullish views on the leading altcoin, which has risen by more than 500% in five months.
The analyst, known anonymously as Brantz, tell The 264,100 followers of social media platform X report that FLOKI (FLOKI) is forming a “solid” support level on the 4-hour chart.
According to the attached chart, Brandts seems to be suggesting that FLOKI is also forming an inverse head and shoulders (IHS) pattern, which is typically considered a bullish signal.
“In my opinion, it would be torn apart.”
FLOKI is trading at $0.000178 at the time of writing, up more than six-fold from its low of $0.0000269 on February 5th.
The anonymous analyst further added: To tell FLOKI trading volume is on the rise as the meme coin breaks out of the descending trendline.
“Exactly what you want to see with an IHS setup is going to be parabolic right away.”
Previously, Brandts was also bullish on Solana-based meme coin DogwifHat (WIF).
According to an anonymous analyst, WIF could rise by around 444% by November this year. An anonymous trader who regularly applies Elliott Wave Theory in technical analysis said that WIF is in the early stages of a five-wave pattern formation and could reach $11 in around four months.
According to the Elliott Wave Theory, the main trends in asset prices move in a five-wave pattern, while corrections occur in a three-wave pattern.
At the time of writing, WIF is trading at $2.02.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies and digital assets. Transfers and transactions are at your own risk and you are responsible for any losses incurred. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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