Ali Martinez, a cryptocurrency trader and analyst, is bearish about the memecoin (FLOKI).
Martinez informs his 133.600 social media followers that FLOKI formed a pattern of a flag in the time period of three hours.
The crypto analyst believes that FLOKI will fall around 37% once the pattern breaks. Technically, flag patterns can be bullish or negative depending on whether they form after an upward or downward trend.
Flag patterns are bullish if they form after an upward trend, while bearish if the pattern forms after a downward trend.
FLOKI was trading for $0.0000633 as of the time this article is written.
Dogecoin is next (DOGE). Martinez claims that Dogecoin (DOGE), the biggest meme coin in terms of market capital, is currently forming an upward triangle pattern on its one-hour chart. A triangle with an ascending pattern can be a positive signal, particularly if it breaks through the upper border or diagonal resistance of the triangle.
Dogecoin is going to break out!” A price movement of 16% could be triggered by a close below $0.16-$0.18 .”
Martinez believes that Ethereum (ETH), the second largest crypto asset in terms of market capital, needs to increase by 22% and then close over that level to become bullish. According to a graph illustrating the data of the crypto analytics platform IntoTheBlock it seems that at the current level, around $2400, there are 12.39 millions addresses which are underwater.
This level may be a strong barrier, since many traders will want to sell their position at the first chance of making a profit.
Ethereum currently trades at $1968 as of the time this article was written.
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The post Shiba Inu competitor FLOKI is under threat from a Trader who warns that Memecoin will crash if it continues to rise.
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