Pseudonymous Analyst Bluntz Predicts Floki (FLOKI) Will Surge close to $0.0004 by March

Bluntz, a well-known crypto analyst, believes that meme token Floki (FLOKI) is preparing for a rally that could lead to new all-time highs (ATHs).

On Friday, Bluntz shared his analysis with his 306,200 followers on the social media platform X, suggesting that FLOKI may have completed an ABC correction on the daily chart.

Bluntz applies the Elliott Wave principle to his analysis, which suggests that a bullish asset typically initiates a five-wave upside move after completing an ABC retracement. Bluntz's analysis aligns with this principle, suggesting that further upward momentum is likely for FLOKI.

Bluntz's analysis suggests that the meme token could experience a significant surge, with a potential to reach close to $0.0004 by March. At the time of writing, FLOKI trades at $0.0002.

Bluntz also has his eye on the US dollar index (DXY), which traders use to gauge investors’ risk appetite. The analyst notes that the DXY appears bearish after hitting a key Fibonacci resistance and completing an ABC upside correction, which suggests that the index could now drop below 100.

Bluntz's analysis suggests that the DXY encountered resistance at the 108 level, which coincides with the 0.618 Fibonacci retracement level. This price action, coupled with a prior impulsive move to the downside, appears to be shaping up as a bullish ABC correction on a longer time frame. Notably, DXY tends to trend down when traders shift their capital into risk assets like crypto and stocks.

At the time of writing, the DXY trades at 108.