A crypto strategist who has earned the “Master Trader” rank on the digital asset exchange Bybit thinks that it is almost time for memecoins to shine.
Pseudonymous analyst Bluntz tells his 315,000 followers on the social media platform X that meme token Floki (FLOKI) is printing a bullish divergence signal on the daily chart.
A bullish divergence is traditionally seen as a bullish reversal signal as it suggests that an asset is gaining momentum even if the price drops lower or moves sideways.
Says Bluntz,
“There is monster FLOKI bullish divergence printing here after it swept a MAJOR level, could print today or tomorrow.
Love it or hate it, the meme meta is probably staging a comeback here.”
At time of writing, FLOKI is trading at $0.000098.
Looking at fellow memecoin Dogecoin (DOGE), Bluntz believes that the crypto asset has completed an ABC corrective wave against the US dollar and Bitcoin (DOGE/BTC).
Bluntz mostly relies on the Elliott Wave theory, which states that a bullish asset tends to witness a fresh five-wave rally after completing an ABC pullback.
According to the analyst, Dogecoin could potentially pull off a 200% surge.
“Memes largely out of favor here and getting dunked on big time but with the big dog DOGE looking like this, it may be time. HUGE ABC down on the [daily chart] on the USD and BTC pair.
Potential 2-3x coming up.”
At time of writing, DOGE is trading for $0.264.
Bluntz also says he’s keeping an eye on the TOTAL3 chart, which tracks the market cap of all crypto assets excluding Bitcoin, Ethereum (ETH) and stablecoins. Traders use TOTAL3 to gauge the performance of the altcoin market.
According to the analyst, TOTAL3 appears to have completed an ABC correction and is now poised to ignite rallies to a fresh all-time high of $1.3 trillion.
“This bounce seemingly turning into a full-blown V reversal.
TOTAL3 completely reclaimed the breakdown and looks like a… clean ABC.
Very hard to not be bullish here.”
At time of writing, TOTAL3 is trading at $889.814 billion.
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