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With 4/20, a day often associated with cryptocurrency celebrations, just around the corner, all eyes are on Dogecoin (CRYPTO: DOGE) and its potential price movement.
What Happened: Pseudonymous analyst Inmortal believes a DOGE pump could trigger a similar surge for Floki Inu (CRYPTO: FLOKI), another popular meme coin.
Inmortal highlights a confirmation level of $0.00016 for FLOKI, suggesting it could mirror a potential DOGE rally.
This aligns with the broader sentiment Inmortal expresses, pointing towards a possible bottom formation for both meme coins.
Inmortal’s analysis hinges on bullish divergence, a technical indicator hinting at a potential reversal despite the recent price decline.
Additionally, the current price being down roughly 19% from its all-time high and the lack of acceleration in the downtrend further support the possibility of a bottom being formed.
While meme coins steal the spotlight in the lead-up to 4/20, Inmortal doesn’t shy away from commenting on the bigger players. His tweets hint at a potential breakout for both Bitcoin and Ethereum. While specifics are limited, his analysis suggests a bullish outlook for the leading cryptocurrencies.
Also Read: Crypto Market Cap Skyrockets 64.5% In Q1, Spot Trading Hits Multi-Year Highs
Why It Matters: Inmortal emphasizes a long-term perspective throughout his analysis.
He acknowledges that pinpointing the exact bottom can be challenging, and the current prices for both meme coins and major coins like BTC and ETH might not be the absolute lows.
However, the overall structure and investor sentiment suggest potential turning points.
He advises investors to avoid stressing and focus on the bigger picture, suggesting significant upward movement for various cryptocurrencies across the market.
What’s Next: With meme coins continuing to capture investor attention, Benzinga’s upcoming Future of Digital Assets event on Nov. 19 promises to be a valuable platform for discussions on mem ecoin trends, broader market analysis, and the ever-evolving digital asset landscape.
Read Next: USDT To Deploy On TON Blockchain Amid Telegram Co-Founder Keynote Speech
Image: Shutterstock
