Floki Inu (FLOKI) Breaks Out of Downtrend: Analysts Eye a Huge Rally Incoming

TLDR:

• FLOKI has broken out of a descending trendline, signaling a potential bullish trend
• Analyst predicts a possible 200-210% rally to a new all-time high
• FLOKI is currently trading at $0.0001554, up 12% in the past week
• Social media mentions of FLOKI and other meme coins are at a 5-month high
• Open Interest stands at $21.59 million with a 24-hour trading volume of $81 million

FLOKI, a popular meme cryptocurrency, has recently broken out of a descending trendline that has capped its rallies since June. This technical development has caught the attention of crypto analysts and traders, who are now projecting al significant price increase for the digital asset.

Floki price at Coingecko

As of October 21, 2024, FLOKI is trading at $0.0001554, showing a 12% increase over the past seven days. This recent price movement has pushed the cryptocurrency above a key resistance level, which analysts interpret as a bullish signal.

Crypto analyst World Of Charts shared their analysis on social media, presenting a daily candlestick chart of the FLOKI/USDT trading pair. The chart reveals that FLOKI has broken above the resistance trendline of a bullish pennant flag pattern, a formation that has been in place since the cryptocurrency hit its all-time high earlier this year.

$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

Based on this technical analysis, World Of Charts predicts a potential 210% rally for FLOKI. If this forecast proves accurate, it would not only surpass the previous all-time high of $0.0003449 but could push the price to just under $0.0005.

The recent price action of FLOKI appears to be part of a broader trend affecting meme coins. Data from on-chain analytics platform Santiment indicates that FLOKI and other meme cryptocurrencies are experiencing their highest level of social media mentions in five months.

This surge in interest is partly attributed to renewed attention on Dogecoin, which has had a spillover effect on similar assets.

In terms of market activity, FLOKI’s Open Interest currently stands at $21.59 million, with a 24-hour trading volume of $81 million. These figures suggest a decent level of engagement from traders and investors, which could support continued price movement.

FLOKI has shown impressive gains in the past, including a 1,100% increase earlier this year. The current market dynamics appear to favor meme coins, with social buzz and technical indicators aligning in a bullish manner for FLOKI.

The post Floki Inu (FLOKI) Breaks Out of Downtrend: Analysts Eye a Huge Rally Incoming appeared first on Blockonomi.