Despite the downward trend continuing throughout the week, Floki (FLOKI) remains significantly bullish, according to a cryptocurrency analyst. Basing his analysis on similarities between past price movements, the analyst outlined a general plan for Floki, predicting that the popular meme coin and Shiba Inu competitor is set to enhance by 2000%.

Analyst reveals Floka’s master plan

In recent X (formerly Twitter) postcryptocurrency analyst ‘Master Kenobi’ discussed Floki’s past price movements, identifying a unique repeating chart pattern that may indicate future cryptocurrency price spike. The analyst predicted that if Floki can continue this repeating pattern, there could be a massive price pump around October 22.

According to the analyst, A meme coin with a Viking motif saw a piercing enhance of approximately 92X over 112 days starting July 5, 2021, followed by a long decline spanning 224 days during which the price dropped by as much as 98.5%, reaching the lowest level.

In particular, the analyst said that after reaching a strategic low, Floki entered a phase of more organized growth. On the Floki chart, Kenobi also identified three periods of price consolidation represented by distinctive purple triangles of similar height but different lengths.

The analyst revealed that inside these triangles, Floki’s price behavior becomes relatively predictable, which is indicated by the red triangle. The lower half of this red triangle is perceived by investors as the best accumulation zone, reflecting the most optimal entry point Another move up by Floki.

Kenobi identified a recurring pattern in which Floki typically left this triangle around October 22 each year, marking the beginning of a fresh phase of consolidation followed by powerful price pump. He noted that such a price pump is often signaled 35 days before the above-mentioned red triangle appears.

Continuing this trend, the Shiba Inu breed competitor saw another 11x enhance in 112 days after leaving the purple triangle on October 24, 2024. Likewise, after the meme coin left the purple triangle on October 24, 2023, it jumped 22x in 133 days .

Based on this recurring pattern, Kenobi suggested that Floki’s “magic date” on potential upside will probably take place around October 22. The analyst predicts that if the trend continues, investors should expect an enhance in prices, followed by 3 months of forceful consolidation.

Price pump by 2000% to USD 0.002

Based on Kenobi’s observations highlighted above, he predicts that Floki may either witness 1000% climbed to fresh heights or an enhance of 2100%. The analyst revealed that if the first scenario from 2021 repeats itself, after 112 days of consolidation, Floki could see its price skyrocket 11-fold to reach $0.0011. Additionally, the company’s market capitalization is expected to grow to over $12 billion.

In contrast, if the second trend occurs this year in 2023, Floka’s price could rise to $0.0023 in 133 days, a 22-fold enhance and an enhance in the company’s market capitalization to $25 billion. Despite Floki dropping more than 21% in the last week and falling 1.29% again in the last 24 hours, Kenobi confidently stated that his bullish outlook represents a “completely achievable and realistic” target for the meme coin, which at the time of writing of this text is trading at USD 0.00013.

Featured image created with Dall.E, chart from Tradingview.com