Floki (FLOKI) Rallies 70% as Crypto Analyst Predicts a New Altcoin Season

The crypto market might be in for a surprise as a well-known crypto analyst predicts a significant rally for a competitor of Dogecoin (DOGE) and Shiba Inu (SHIB).

A popular crypto analyst has predicted a major rally for a meme coin rival to Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).

What Happened: The analyst, known as Inmortal on X platform, shared that the meme coin Floki (CRYPTO: FLOKI) is showing a Relative Strength Index (RSI) pattern that last led to a 200% price surge.

“Last time we reached this RSI level we bottomed and pumped 200%,” Inmortal said, adding, “One of my fav charts right now.”

RSI is a technical indicator used to measure the strength or weakness of a recent price movement and determine if an asset is overbought or oversold.

At the time of writing, FLOKI was trading at $0.000144, showing a 13.2% increase in the last 24 hours.

Inmortal also noted a change in the altcoin cycle, predicting multiple altseasons with funds moving in and out of crypto assets, as opposed to a simultaneous rise of most tokens.

Concluding his analysis, the analyst highlighted the current “brutal” market conditions, with Bitcoin (CRYPTO: BTC) needing only a 5% increase to hit a new all-time high, while many altcoins would need a 500% surge to match that.

Why It Matters: The predicted rally for FLOKI is interesting as it comes during a volatile crypto market.

The analyst’s observation of a shift in the altcoin cycle could indicate a new trend in the crypto market, with funds moving in and out of digital assets rather than a simultaneous surge. This could lead to more opportunities for investors to capitalize on different altcoins at different times.

The current market conditions, described as “brutal” by Inmortal, also showcase the potential for many altcoins to make significant gains, despite the relatively small increase Bitcoin would need to reach a new all-time high.

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