FLOKI's price has once again captured the attention of the crypto community following a bullish prediction by a renowned crypto analyst. This meme coin, which rivals Shiba Inu, made headlines as its price plummeted from a significant 50 percent surge in May.

Major Breakout Forecast for FLOKI's Price

Renowned crypto analyst Blunts recently shared insights on FLOKI, predicting a substantial increase. He compared FLOKI's price trend to PEPE, another Ethereum-based meme coin that showed outstanding performance in May.

According to Blunts, FLOKI's price is likely to follow a similar path, indicating significant profit potential in the future. As reported by Bitcoinist, Blunts emphasized his bullish view in a follow-up post, indicating that FLOKI is demonstrating higher low and higher high patterns.

Historically, these trends suggest positive price movements. The analyst expects FLOKI to continue surging, although it will encounter several resistance levels along the way.

Technical Analysis and Price Targets

Blunts referred to a 1-2 pattern on the daily chart, indicating that FLOKI is poised for further growth. He predicts a price increase of over 100 percent for FLOKI, with a target price of US$0.00075. From the current trading level at the time of writing, this projection represents an almost 200 percent increase.

However, FLOKI is currently facing bearish pressure due to the decline in Bitcoin's price below US$68,000. This drop has caused FLOKI's price to fall from its May peak of US$0.0003 to US$0.000246.

Nevertheless, Blunts remains confident in his prediction, believing that FLOKI will soon regain its momentum.

Blunts' optimistic forecast for FLOKI has received positive feedback from many in the crypto market, especially due to his accurate past predictions. He gained wide recognition in 2018 when he correctly forecasted Bitcoin's bottom price, making him famous for his sharp market analysis.

FLOKI is not the only meme coin experiencing price declines. Shiba Inu, another popular meme coin, has dropped more than 5.2 percent in the last day following a 16 percent rally midweek.