title: Cryptocurrency trader and analyst Ali Martinez is leaning bearish on the memecoin FLOKI (FLOKI).

Martinez tells his 133600 followers on the social media platform X that FLOKI has formed a flag pattern on the three-hour time frame.

Crypto trader and analyst Ali Martinez is going bearish on memecoin FLOKI (FLOKI).

Taking to X, formerly Twitter, Martinez says that FLOKI has formed a flag pattern on the three-hour time frame.

According to the crypto analyst, this could see memecoin fall by around 37% from the current level. 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.

“Three-hour chart is forming a flag pattern. A break below the lower boundary of the flag (around $0.40) could open up a move of roughly 37% equal to the pole height.”

At time of writing, FLOKI is trading at $0.40.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 resistance level of the triangle.

“Dogecoin will break out! A close outside $0.16 – $0.18 could trigger a 16% price move.”

Turning to Ethereum (ETH), Martinez says that the second-largest crypto asset by market cap needs to rise by around 22% from the current level and close above that threshold to turn bullish. Based on a graphic illustrating data from the crypto analytics platform IntoTheBlock, it appears that the level around $2,400 has 12.39 million addresses that are currently underwater.

That level could present strong resistance, as there would potentially be many sellers looking to exit their positions at the first opportunity of breaking even.

Ethereum is trading at $1,968 at time of writing.