Of late, Floki has been within the headlines, with investors apparently mixing this frenzy with a combination of technical evaluation and improving on-chain data.
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Floki, a meme coin named after Elon Musk’s Shiba Inu dog, is making waves throughout the crypto market. In response to analysts reminiscent of CryptoAnalystHub and Javon Marks, this token is predicted to see colossal gains.
But is that this meme coin really due for major upside price motion, or are hype and expectations running ahead of the basics?
On Falling Wedges And Potential Breakouts
CryptoAnalystHub, a distinguished analyst on social media, has successfully plotted a Bullish Falling Wedge in Floki’s price chart. This is usually indicative of the potential of a price reversal, in accordance with the respective technical indication.
$FLOKI 🔥🚀
Update:(Formation of a Bullish Falling Wedge pattern is completed )✅
Breakout can be happens, Expected move for brief term buyers is 90-100% soon💰🎯#FLOKI #FLOKIUSDT #FLOKIBTC #SIGNALS #ALTSEASON #ALTCOINS #USDT$DOGS $REI $NULS $PDA $PHA $VIDT $HARD $DCR $FLUX… pic.twitter.com/ELtuhsTnks
— CryptoAnalystHub (@Analysts_Hub) August 27, 2024
In other words, the pattern signals that the recent downtrend for Floki is perhaps at its last stage, thus giving option to an upward rally.
The Falling Wedge, characterised by two converging trendlines with a downward slope, has served to squeeze Floki’s price motion between the lines and has printed a series of lower highs and lower lows.
In response to CryptoAnalystHub, a breakout above the upper trendline has already occurred, which might mean that Floki is on the cusp of a serious bullish phase.
Nevertheless, the analyst explains that if Floki is to sustain an uptrend, it must give you the chance to push above pivotal resistance areas around $0.00021176 and $0.00027969.
These have been resistive zones showing renewed selling pressure up to now and, thus, are crucial for the digital asset to interrupt through.
FLOKI is currently trading at $0.00015. Chart: TradingView
Keeping An Eye On Floki
Adding to the bullish sentiment, crypto analyst Javon Marks recently flagged Floki as one to observe. On X, Marks projected over 96% gains in store for Floki once a Hidden Bull Divergence has been confirmed.
He noted that a break above $0.0002761498 would unlock the door for even healthier gains, pointing to the following key level at $0.0005467298 – an extra upside of 90% from this point, further constructing on the optimistic prospects into the long run of Floki.
Coming off of a recently confirmed Hidden Bull Divergence, sights for $FLOKI (Floki Inu), in response to this divergence continues to be on an over 96% climb back above the $0.0002761498 goal which can only open up much more room for climbing!
With a break above this goal,… https://t.co/w3iDJDPeZU pic.twitter.com/SSr3iaLB5F
— JAVON⚡️MARKS (@JavonTM1) August 22, 2024
On-Chain Data Favor The Bulls
Beyond technical evaluation, on-chain data also looks promising for Floki. Noticeable growth within the network is seen, as depicted by the rise in latest addresses.
This might indicate a trend that fresh capital has began flowing into the Floki ecosystem and will be pushing up demand and, subsequently, its price.
Further supporting that is the rise in each day energetic addresses. Increased activity often suggests that interest and momentum are constructing inside a community, which is normally a precursor to increased prices.
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Is The Hype Justified?
While this is perhaps so from the technical and on-chain indicators for Floki, an un-cautious approach towards such predictions is warranted, seeing that it’s a meme coin. Meme coins are very susceptible to volatility and hence dramatic shifts in sentiment. That being said, while Floki has had a good run in recent days, investors needs to be prepared to lose all of it.
Technical patterns, on-chain data, and the rise in investors’ interest support the nice price surge of Floki. However it stays to be seen whether this meme cryptocurrency would sustain this. In any case, as they are saying, throughout the crypto space, expect the unexpected.
Featured image from Gadgets 360, chart from TradingView