With the upcoming 4⁄20 celebration, a day often linked to cryptocurrency festivities, the focus is on Dogecoin DOGE/USD and its potential price movements.
Event Summary: Renowned analyst Inmortal has suggested that a surge in DOGE could trigger a similar upswing in Floki Inu FLOKI/USD, another popular meme coin.
Inmortal has identified a key confirmation level of $0.00016 for FLOKI, indicating a possible reflection of a prospective DOGE rally.
This perspective is in line with Inmortal’s broader view, hinting at a potential bottom formation for both meme-based cryptocurrencies.
Inmortal’s analysis revolves around bullish divergence, a technical signal implying a potential trend reversal despite recent price setbacks.
Furthermore, with the current price down approximately 19% from its peak and a lack of momentum in the downtrend, the notion of a bottom formation gains credibility.
While meme coins dominate the narrative leading up to 4⁄20, Inmortal also touches on the prominent players. His tweets suggest a looming breakout for Bitcoin and Ethereum, painting a bullish picture for these leading cryptocurrencies.
Also Check Out: Crypto Market Cap Surges 64.5% In Q1, Spot Trading Reaches Multi-Year Highs
Significance: Inmortal underscores the importance of maintaining a long-term perspective in his analysis.
Acknowledging the challenge of timing the exact market bottom, he cautions that the current prices of meme coins and major cryptocurrencies like BTC and ETH may not represent the ultimate lows.
Nevertheless, considering the overall market structure and investor sentiment, he points towards potential turning points.
Investors are advised to focus on the bigger picture and remain patient amidst the market fluctuations, anticipating substantial upward movements across various cryptocurrencies.
Future Outlook: As meme coins continue to captivate investor interest, Benzinga’s upcoming Future of Digital Assets event on Nov. 19 is poised to offer valuable insights into meme coin trends, comprehensive market analysis, and the dynamic digital asset landscape.
Read More: USDT Set to Launch on TON Blockchain During Telegram Co-Founder’s Keynote Address
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