The meme coin FLOKI has also gained from the recent influx of investments into the cryptocurrency markets, leading many digital currencies to record increases over both the 24-hour and seven-day periods.
Importantly, this influx has propelled FLOKI past a descending trendline that has characterized its rallies since June. This breakout is regarded as an essential technical development, with crypto analyst World Of Charts highlighting it as a robust bullish indicator. As per the analyst, this breakout sets the stage for the meme coin to possibly continue its ascent towards a new all-time high.
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FLOKI Primed for 200% Surge Beyond All-Time High
Though it was launched in 2021, FLOKI gained significant attention earlier this year after experiencing a staggering 1,100% rise over five months, reaching a new all-time high of $0.0003449. Currently, the meme coin has adjusted by approximately 55% from this peak.
However, based on the analysis and forecasts from crypto analyst World Of Charts, this correction is nearing its conclusion, suggesting that the $0.0003449 all-time high may not withstand for much longer.
World Of Charts shared his insights on the social media platform X, featuring a daily candlestick chart of the FLOKI / TetherUS trading pair. The chart indicates that the meme coin has recently surpassed the resistance trendline of a bullish pennant flag pattern, within which it has been trading since reaching its all-time high.
Regarding the anticipated price movements, the analyst believes FLOKI is on track for another breakout that could not only surpass the prior all-time high but also target a price level just below $0.0005. To achieve this, FLOKI would need to stage a rally of 210% from its current price.
$Floki #Floki Finally Breaking Out to Reach New Ath
https://t.co/I2sVnrx94X pic.twitter.com/LNsAHKe1Q0
— World Of Charts (@WorldOfCharts1) October 19, 2024
Can FLOKI Achieve a 200% Rally?
As of this writing, FLOKI is trading at $0.0001554 and has seen a 12% increase over the last week. Data from the on-chain analytics platform Santiment reveals that FLOKI and other meme coins are experiencing the highest level of attention and mentions across social media platforms in five months, a trend fueled by renewed interest in Dogecoin, which has naturally extended to other meme coins.
Given this increased interest and the positive technical setup identified by analysts, a 200% surge appears feasible. FLOKI has already demonstrated its ability to achieve substantial gains in a short period, displaying an impressive 1,100% increase earlier this year. If the current social momentum and market dynamics continue to support meme coins, FLOKI could breach its resistance levels and initiate another significant rally to secure a 200% increase by year-end.
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Another crypto analyst predicts FLOKI is poised for an even greater increase of 2,100% to $0.002.
Featured image from Lunu, chart from TradingView
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