With 4/20, a day often associated with cryptocurrency celebrations, just around the corner, all eyes are on Dogemoneta DOGE/USD and its potential price movement.
What happened: Pseudonymous analyst Immortal believes a DOGE pump could trigger a similar increase for Floki Inu FLOKI/USDanother popular meme coin.
Immortal highlights a confirmation level of $0.00016 for FLOKI, suggesting it could mirror a potential rally in DOGE.
This is in line with the broader sentiment expressed by Inmortal, which points towards a possible bottom formation for both meme coins.
Inmortal’s analysis is based on bullish divergence, a technical indicator that suggests a potential reversal despite the recent price decline.
Furthermore, the current price is down around 19% from its all-time high and the lack of acceleration in the downtrend further supports the possibility of a bottom forming.
As meme coins steal the spotlight ahead of 4/20, Inmortal doesn’t shy away from commenting on the bigger players. His tweets hint at a potential turning point for both of them Bitcoin AND Ethereum. While details are limited, his analysis suggests a bullish outlook for major cryptocurrencies.
Read also: Crypto Market Cap Skyrockets 64.5% in Q1, Spot Trading Hits Multi-Year Highs
Because matter: Inmortal emphasizes a long-term perspective throughout its analysis.
He recognizes that pinpointing the exact bottom can be difficult, and the current prices of both meme coins and major coins like BTC and ETH may not be absolute lows.
However, the overall structure and investor sentiment suggest potential turning points.
He recommend Investors are avoiding stress and focusing on the bigger picture, suggesting a significant upward movement for various cryptocurrencies in the market.
What’s next: With meme coins continuing to capture investor attention, Benzinga’s upcoming Future of Digital Assets event on November 19 promises to be a valuable platform for discussions on meme coin trends, broader market analysis, and the ever-evolving digital asset landscape.
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