Floki Preparing for a 60% Increase? Price Charts Decoded
Financial Analyst
- FLOKI’s value has increased by more than 3% in the last 24 hours.
- Buying pressure on the memecoin has increased over the past week.
After a week-long decline, the price of FLOKIhas finally gained bullish momentum as its daily chart was in the green.
There was some better news as well. Looking at the latest data, this could just be the start of a massive bullish move that could allow the price to fully recover from the past week’s losses and even rise beyond.
Floki’s bullish pattern
According to CoinMarketCapthe memecoin’s price has fallen by more than 11% in the last seven days. However, the last 24 hours have been better as the memecoin’s price increased by over 6%.
At the time of writing, FLOKI was trading at $0.0001543, with a market cap of over $1.47 billion.
AMNBCrypto’s look at IntoTheBlock data revealed that 74% of FLOKI investors made profits. But the number may soon rise as ZAYK Charts, a well-known crypto analyst, recently posted a tweet highlighting an interesting development. According to the tweet, a descending channel appeared on the memecoin’s 4-hour chart. The memecoin’s price began consolidating within the pattern in June and was on its way to breaking out of the pattern at press time.
If FLOKI successfully breaks out, investors could see the memecoin rise by over 60% in the coming days or weeks.
Source: X
Will FLOKI break out?
AskFX then analyzed Santiment’s data to find out if the memecoin would succeed in breaking out of the pattern. According to our analysis, investors began accumulating the memecoin in a big way last week.
D
This seemed to be the case as the supply of the memecoin on exchanges dropped drastically while the supply outside of exchanges increased sharply.Another bullish indicator was the MVRV ratio, which has improved considerably in recent days. However, whales have not made any major moves in the past seven days as the supply of top addresses remained unchanged.
Santiment
Then we wanted to look at the daily chart of the memecoin to see what the indicators were showing. The technical MACD showed a constant battle between bulls and bears. However, the rest of the indicators suggested that the bulls were likely to win.
The Chaikin Money Flow (CMF), for example, saw a sharp increase.
TradingView
Whether you think it’s realistic or not, this is
the market cap of FLOKI in SHIB The Relative Strength Index moved north, indicating the high chances of a breakout above the descending channels.
In case of a breakout, it is important that the memecoin reaches $0.000167 first. This will increase liquidation. If the bears win, FLOKI could fall to $0.00011 in a short time.
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