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Meme coin FLOKI also benefited from it recent entry into crypto markets, which left many cryptocurrencies posting gains in both 24-hour and seven-day periods.
Notably, this flow has seen FLOKI break out of the downward trend that has served as the top of its rallies since June. This breakout is seen as an important technical development, which crypto analyst World Of Charts emphasizes as a strong bullish signal. According to the analyst, the outbreak opens the trend for the meme coin to continue its upward trajectory.
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FLOKI is 200% Safer for Surgery Than All Time
Although it was launched in 2021, FLOKI peaked at the beginning of this year after it increased by 1,100% within five months to reach an all-time high of $0.0003449. As it stands, the meme coin has corrected about 55% from this premature high.
However, according to the analysis and forecast from the crypto analyst World Of Charts, this correction is about to end and the high $0.0003449 may not hold for a long time.
World Of Charts shared his analysis on social media platform X, posting a daily candlestick chart for FLOKI / TetherUS traders. The chart reveals that the meme coin has just broken above the resistance line of the bullish pennant flag pattern, the meme coin has been trading within since its highs.
According to the projected price structure, the analyst believes that FLOKI is on the way to another breakout that will not only surpass the previous high but also move to the price area below $0.0005. To reach this point, FLOKI will have to go on a 210% rally from the current price level.
$ Floki # Floki Finally Coming Out and Posting to the New Ath🚀 pic.twitter.com/LNsAHKe1Q0
– World Of Charts (@WorldOfCharts1) October 19, 2024
Is A 200% Rally Possible With FLOKI?
At the time of writing, FLOKI is trading at $0.0001554 and is up 12% over the past seven days. According to data from on-chain analytics platform Santiment, FLOKI and other meme coins witnessing a high level of interest and mentions it on all social media platforms in five months. This interesting trend is brought new interest in Dogecoinwhich has naturally flowed into other meme coins.
Given this improved focus and the bullish technical setup highlighted by analysts, a 200% rally is within the realm of possibility. FLOKI has already shown that it can make significant gains in the short term, 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 may break through its resistance levels and start another explosive rally to deliver a 200% increase before the end of the year.
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According to another crypto analyst, FLOKI set to 2,100% even bigger ichanged to 0.002 $.
Featured image from Lunu, chart from TradingView