Trader Issues Warning on Shiba Inu Competitor FLOKI, Says Memecoin Is Primed To Crash – Here Is His Target
Cryptocurrency trader and analyst Ali Martinez is leaning bearish on the memecoin FLOKI (FLOKI). Martinez tells his 133,600 followers on the social media platform X that FLOKI has formed a flag pattern on the three-hour time frame. According to the crypto analyst, FLOKI could fall by around 37% from the current level once it breaks down. In technical Analysis , a flag pattern is either bullish or bearish depending on whether the flag part of the pattern forms after an uptrend or a downtrend. If it forms after an uptrend, the flag pattern is bullish while if it forms after a downtrend then the flag pattern is bearish. Source: Ali Martinez/X FLOKI is trading at $0.0000633 at time of writing. Next up is Dogecoin (DOGE). Martinez says that the largest meme coin by market cap is forming an ascending triangle pattern on the one-hour chart. An ascending triangle pattern is a bullish signal, especially if the price breaks above the upper boundary or the diagonal resis...