Analyst @ZAYKCharts has shared an optimistic outlook for FLOKI, suggesting that the token could be primed for a substantial price rally. According to his tweet, FLOKI has managed to break out of a falling wedge pattern, which may lead to a 100-150% increase in value.
According to the @ZAYKCharts’ chart, FLOKI has been trading within a declining wedge for some months. Usually marked by dropping highs and lows, this pattern suggests a bullish reversal.
Hope for a possible rise has been aroused by a verified break from the upper trendline. This is seen by analysts as a change in market dynamics whereby buying pressure would exceed selling, so allowing a long-term advance.
Usually considered as bullish formations, falling wedges indicate that the price will probably rise after a breakthrough. The tweet from @ZAYKCharts validates this by implying that FLOKI is about to have a major bullish wave, therefore maybe generating gains of 100–150%.
What you'll learn 👉
Key Support and Resistance Levels
The analysis identifies key levels that will play a crucial role in FLOKI’s potential upward movement. The breakout level, around $0.00017000, is seen as immediate resistance. To maintain the bullish trend, the price must remain above this point. Analysts highlight that sustaining above this level could confirm the breakout and encourage further buying activity.
On the support side, the lower trendline of the wedge has consistently provided a solid base. Additional support is identified at $0.00011500, which was a consolidation point before the breakout. Should a pullback occur, these levels will be critical in maintaining the overall uptrend.
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Price Target Suggests a Potential 150% Increase
The projected price target for FLOKI, based on the chart analysis, sits near $0.0004100. This target aligns with @ZAYKCharts’ prediction of a 100-150% potential surge. If the bullish wave continues, reaching this level would mark a significant gain from the current price point.
The term “falling wedge breakout” in the tweet indicates that FLOKI has completed its downward pattern and could be set for an upward push. Technical analysis suggests that this could be the beginning of a new uptrend, with the projected target reflecting this sentiment.
Potential Rally?
Moreover, according to analyst @Bluntz_Capital, FLOKI appears to have completed a macro ABC correction, followed by a three-month period of accumulation. The price is gradually approaching a breakout, which could pave the way for new all-time highs.
Confident in this potential, @Bluntz_Capital has added more FLOKI to his long-term holdings, anticipating a swift rally once the accumulation phase concludes.
Hence, for FLOKI to reach the anticipated target, the breakout must be supported by increased trading volume. Analysts will be closely watching for any retests of the resistance levels. Besides, if the price can hold above the support level, it would signal strength and reinforce the potential for further gains.
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