Bluntz, one of the experts who closely follows the crypto markets, predicted a big rise for the meme token Floki (FLOKI) in the short term and stated that the token has the potential to reach new record levels. In his statement to his 306 thousand followers on the social media platform X, he stated that FLOKI completed a significant ABC correction on the daily chart.
Bluntz uses Elliott Wave Theory to analyze price action. According to this theory, an asset in an uptrend tends to enter a five-wave uptrend following an ABC correction. He predicts that FLOKI will also enter a new uptrend in line with this theory.
According to the analyst, FLOKI made a new ABC correction after the peak reached in November and noted that a fresh upward movement has started. In light of these developments, he emphasized that FLOKI is approaching the final phase of its cycle and is likely to reach new all-time highs in the near future.
Bluntz also drew attention to the US Dollar Index (DXY), which investors use to measure risk appetite. He noted that the DXY has been falling after the important Fibonacci resistance level and is likely to fall below 100. He said that this downtrend will drive investors into riskier assets and could positively affect the performance of assets such as meme tokens.
Bluntz expects DXY to fall below 99 in the long term, and stated that this could contribute to the appreciation of meme tokens such as FLOKI. Therefore, it is stated that investors can make more informed decisions by taking into account technical analysis and market trends.