The meme symbol Floki is a popular belief among analysts.FLOKIIt is getting ready for a rally to reach new highs.
Bluntz’s pseudonymous analysis tells his social media followers 306,200 that FLOKI seems to have finished an ABC correction for the daily chart.
Bluntz applies the Elliott Waves theory. This states that an asset is bullish if it ignites a five-wave move upward after finishing an ABC Retracement.
The FLOKI meme is also a bullish one, and I believe it will reach ATHs.
“Price action since the highs of November looks like a high-timeframe ABC, with a new impulse in the air. ATH is likely to occur before the cycle ends.”
According to the chart of the trader, it appears that FLOKI is expected to surge to close to $0.0004 in March. FLOKI’s value is $0.0002 as of the writing.
Analysts also monitor the US Dollar Index (DXY) which is used by traders as a gauge of risk appetite. Bluntz believes that the DXY is bearish, after it has respected a Fibonacci level of resistance and completed an ABC upward correction. Now, he expects that the index will drop below 100.
“DXY appears to be topped. It has hit the 108 level as expected. Wicked a major 0.618% and it looks like a slow ABC after a sudden move downward.
DXY Pumped was counterintuitive.
In 2025, I believe we’ll start to drop below 99.
A DXY graph that is bearish usually indicates investors selling their US dollar to buy risky assets, such as stocks and crypto. DXY was hovering around 108 when this article was written.
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