Shiba Inu rival FLOKI is in the headlines once again after a crypto analyst predicted major upside in the cards for the meme coin. This has brought eyes back on FLOKI, a coin which is currently retracing after rising almost 50% in the month of May.

Get Ready For FLOKI Breakout

Crypto analyst Blunts had first taken to X (formerly Twitter) on Tuesday to talk about FLOKI and the prospects for the meme coin. Initially, he had compared FLOKI to PEPE, another Ethereum-based meme coin that outperformed top coins in the market in May. Apparently, FLOKI’s price trend was similar to that of PEPE and he expects it to follow the same path.

In a follow-up post, the crypto analyst further reiterated their stance on the meme coin, believing it is starting to break out already. Blunts pointed out that the meme coin was currently making higher lows and higher highs, and going by historical performance, this is very bullish for the price.

From here, the analyst expects the coin to continue to surge further, although with multiple resistance points along the way. He referred to a 1-2 pattern on the daily chart, which could suggest that FLOKI will continue to push forward from here.

As for the price targets, Bluntz is expecting an over 100% increase in the FLOKI price. The crypto analyst puts the top of this trend at $0.00075, and from the current level where the price is trading at the time of this writing, this will be an almost 200% increase for the meme coin.

For now, FLOKI is dealing with bearish pressure as a result in the decline in the Bitcoin price below $68,000. This has pushed the coin down from its May highs of $0.0003 to $0.000246. Nevertheless, if Bluntz’s prediction holds, then FLOKI could be back and running very soon.

Bluntz’s prediction is resonating with the market due to his track record of being right. Bluntz gained widespread popularity in the crypto market back in 2018, when he accurately called the Bitcoin price bottom.

Shiba Inu And Other Meme Coins

FLOKI is not the only meme coin that is seeing down side in the last day as there has been a general drop in prices. Shiba Inu, for one, is down more than 5.2% in the last day alone, after a 16% rally on Wednesday. This has erased around 50% of Shiba Inu’s gains from the previous day.

Moving further down the list, Shiba Inu’s biggest rival Dogecoin, is also not performing as well. The leading meme coin is seeing 3.7% losses in the last day, with 4.1% losses in the last week. Likewise, the PEPE price is also down on the daily and weekly charts, seeing losses of 11.1% and 5%, respectively.

However, the most significant decline of the top meme coins has been seen in the price of BONK. CoinGecko data shows that its price has plummeted 18.8% in the last day, adding 5.6% losses in the last week to the mix as well. Other meme coins, such as Dogwifhat and Book of Meme (BOME), have also suffered similar losses.

FLOKI price chart from Tradingview.com (Shiba inu bitcoin)
Price retraces to $0.00024 | Source: FLOKIUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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