Analyst Explains Why FLOKI Price is Bottoming: Best Meme Coin to Buy Now?

Floki Inu (FLOKI) meme coin has shown signs of bottoming out, according to a crypto DMT. The analyst’s chart analysis suggests FLOKI’s price could be poised for a potential rebound, reigniting interest in whether it could emerge as the best meme coin investment opportunity. With a substantial community and an investment from industry players, FLOKI’s prospects are worth examining closely.

Floki Inu (FLOKI) Price Analysis

DMT points out that $FLOKI’s price was trading within an ascending channel from March to mid-May. This channel, defined by upward-sloping trendlines, indicated a strong uptrend. 

However, in late May, there was a breakdown below the lower boundary, suggesting a potential trend reversal. Despite this, FLOKI has shown signs of recovery, with a sharp rise towards the previously broken trendline.

The current price sits just below the upper trendline of the original ascending channel. This position suggests an attempt to re-enter or retest the channel, signaling a possible continuation of the bullish trend. The dotted line projection on the chart indicates potential price movements if the trend resumes within or above the prior channel’s confines.

Key Technical Levels and Indicators

The tweet from DMT mentions FLOKI “bottoming out on a set of technical confluences.” This likely refers to recent low points aligning with the previous support level within the channel and other unmarked technical zones such as moving averages or Fibonacci levels. The recovery indicates strong buying interest at these lower levels, supporting the idea of a rebound.

Price levels show a low around 0.0001200 and a high near 0.0003400. The upward movement suggests that buyers find these lower levels attractive for entering long positions. The reference to a “former ascending bevel support” underscores the importance of the lower trendline, even after the breakdown. The “lateral technical zone” likely refers to horizontal support areas aligning with the current recovery phase.

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FLOKI vs. PEPE: Community and Market Cap

FLOKI’s market cap, now lower than PEPE’s $4,882,533,598, presents a unique opportunity. Despite the lower market cap, FLOKI boasts a robust community, which could drive its value higher. 

Moreover, the involvement of DWF Labs further strengthens FLOKI’s position. DWF Labs, a leading digital asset market maker, has invested $12 million in FLOKI, with a commitment to purchase $12,000,000 worth of FLOKI tokens over two years. This investment aims to support the Floki Ecosystem, enhancing both utility and marketing efforts.

Strategic Positioning for Dominance

DWF Labs’ investment is strategic, positioning FLOKI for aggressive dominance in an increasingly competitive market. The purchase from the Floki treasury signifies a long-term commitment, potentially leading to significant growth. This move aligns with expectations of an explosive bull run in the crypto market, making FLOKI a strong contender.

DMT’s analysis highlights FLOKI’s potential rebound from key technical levels. Coupled with strong community support and strategic investments from DWF Labs, FLOKI could be poised for significant growth. 

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.