FLOKI Breaks Out Of Downtrend: Analyst Predicts 200% Rally To New All-Time High
Meme coin FLOKI has also benefited from recent inflows into the crypto markets, which has left many cryptocurrencies posting gains in both the 24-hour and seven-day timeframes.
Notably, this inflow has seen FLOKI breaking out of a descending trendline that has served as the peak of its rallies since June. This breakout is seen as a key technical development, with crypto analyst World Of Charts emphasizing it as a strong bullish signal. According to the analyst, the breakout opens the trend for the meme coin to continue the run toward a new all-time high.
FLOKI Ready For 200% Surge Past All-Time High
Although it was launched in 2021, FLOKI rose to prominence earlier this year after it went on a 1,100% increase over five months to peak at a new all-time high of $0.0003449. As it stands, the meme coin has corrected by around 55% from this all-time high.
However, according to analysis and prediction from crypto analyst World Of Charts, this correction is about to end and the $0.0003449 all-time high might not hold for long anymore.
World Of Charts shared his analysis on the social media platform X, posting a daily candlestick chart of the FLOKI / TetherUS trading pair. The chart reveals that the meme coin has just broken above the resistance trendline of a bullish pennant flag pattern, which the meme coin has been trading within since hitting its all-time high.
In terms of the projected price trajectory, the analyst believes FLOKI is on course for another breakout that could not only exceed the previous all-time high but also push toward a price point just below $0.0005. To reach this point, FLOKI would have to go on a 210% rally from the current price level.
$Floki #Floki Finally Breaking Out Send It Towards New Ath https://t.co/I2sVnrx94X pic.twitter.com/LNsAHKe1Q0
World Of Charts (@WorldOfCharts1) October 19, 2024
Is A 200% Rally Possible For FLOKI?
At the time of writing, FLOKI is trading at $0.0001554 and is still up by 12% in the past seven days. According to data from on-chain analytics platform Santiment, FLOKI and other meme coins are witnessing the highest level of interest and mentions across social media platforms in five months. This interesting trend is brought about by the new interest in Dogecoin, which has naturally flowed into other meme coins.
Given this heightened attention and the bullish technical setup highlighted by analysts, a 200% rally is within the realm of possibility. FLOKI has already shown it can achieve significant gains in a short timeframe, having previously posted an impressive 1,100% increase earlier this year. If the current social buzz and market dynamics continue to favor meme coins, FLOKI could break through its resistance levels and embark on another explosive rally to deliver a 200% increase before the end of the year.
According to another crypto analyst, FLOKI is set for an even bigger 2,100% increase to $0.002.
Featured image from Lunu, chart from TradingView
Text source: NewsBTC
