A closely followed crypto strategist believes that one memecoin’s latest rally indicates a Dogecoin (DOGE) rival is about to soar.
Pseudonymous analyst Inmortal tells his 206,500 followers on the social media platform X that dog-themed crypto asset Floki (FLOKI) is showing a similar pattern as DOGE rival Pepe (PEPE) before its recent rally.
“FLOKI will follow PEPE. You know, contagion.”
The trader’s chart suggests that PEPE could soon break through its December high of around $0.00000175. The chart also shows that FLOKI is on track to print a similar price pattern and rally past its December high to around $0.0000490
FLOKI is trading for $0.0000512 at time of writing, up more than 18% in the last 24 hours, while PEPE is trading for $0.00000264, up more than 46% in the last 24 hours.
The trader is also predicting a massive rally for Ethereum (ETH) against Bitcoin (BTC) based on a historical price pattern.
“I don’t know how many times I’ve posted this chart, but I’m posting it again.”
Looking at his chart, the trader suggests that ETH/BTC is forming a similar pattern in 2020 when the pair traded at the lower bound of a lengthy trading range before rallying to the upper bound. The current upper bound trading range is around 0.083 BTC ($4,736).
ETH/BTC is trading for 0.05689 BTC ($3,243) at time of writing, down more than 2% in the last 24 hours.
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The post Memecoin ‘Contagion’ Will Spread to One Dogecoin Rival, Says Crypto Trader – Here’s What He Means appeared first on The Daily Hodl.