A crypto analyst is predicting a price drop for the meme coin FLOKI, while suggesting potential gains for Dogecoin and Ethereum. Let’s break down his predictions.
FLOKI’s Potential Crash
Analyst Ali Martinez, who boasts a large following on X (formerly Twitter), believes the meme coin FLOKI is poised for a significant drop. He points to a “flag pattern” on the three-hour chart, a technical indicator often associated with price reversals. Martinez predicts a potential 37% fall from the current price if the pattern plays out as he anticipates. Currently, FLOKI is trading around $0.0000633.
Dogecoin’s Bullish Outlook
On the other hand, Martinez sees a more positive outlook for Dogecoin (DOGE). He notes an “ascending triangle” pattern on the one-hour chart, which he interprets as a bullish signal. He suggests a price breakout above $0.16-$0.18 could lead to a 16% price increase.
Ethereum’s Resistance Level
For Ethereum (ETH), Martinez identifies a potential resistance level around $2,400. Data suggests a large number of addresses are currently “underwater” (holding ETH at a loss) at this price point. This could lead to significant selling pressure if the price approaches $2,400, requiring a 22% price increase from the current price of $1,968 to overcome this resistance.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always conduct your own research before making any investment decisions. Investing in cryptocurrencies is inherently risky.
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