As meme-inspired cryptocurrencies navigate the volatile crypto market, they present intriguing opportunities and challenges for investors.
This article delves into the recent price trends of Dogecoin and Floki Inu, exploring their potential future trajectories based on recent developments within their respective ecosystems and our technical analysis.
What you'll learn 👉
Dogecoin: Awaiting a New Rally?
Dogecoin’s price chart reveals a complex picture. The cryptocurrency has been exhibiting a pattern of corrective structures since the June 22 low, making it difficult for a new bull run to take off. It would be easier for the price to make a new low, reset, and then start again with an impulse.
Our analysis suggests that Dogecoin is currently in an ending diagonal pattern, with wave four peaking in November and the price heading downwards. Ideally, the price would find a low below the June low, which is below five cents. This is because all the structures that have developed since the June 22 low have been corrective, making it extremely difficult for the price to rally in a new bull run.
Our analysis also points out two recent short possibilities or reversal areas on the chart, both of which would have worked out nicely. The latest highlighted area was a B wave triangle, which was expected to bring further downside against 7.4 cents. This was quite impulsive, and it’s believed that the fifth wave of a third has been completed, and we might now be in the fourth wave.
If we talk about standard Fibonacci resistance for this Wave 4, the length of the third wave is measured, and the standard wave four resistances are added. This shows that the Wave 4 could easily go to 6.6 cents or 7.3 or 8 cents. It’s only that above 8 cents, we might have to look for something more bullish. But until then, this is just standard wave four resistance, and as long as we don’t get above that level, further downside is expected.
Floki Inu Experiences Downtrand
The cryptocurrency Floki Inu, often seen as a rival to Shiba Inu, has been making waves in the crypto market recently. One of the key developments driving Floki Inu’s growth is the announcement of a crypto education platform, known as the University Of Floki. This platform aims to cater to the rapidly growing crypto user base, which is projected to reach one billion by 2025. This initiative underscores Floki Inu’s commitment to enhancing utility and awareness for its native token, $FLOKI, and its broader ecosystem.
Another factor contributing to Floki Inu’s surge is the addition of new trading pairs on the Crypto.com App. This development allows investors to trade Floki Inu alongside other popular cryptocurrencies, including RDNT, ACH, DAR, and ZRX.
However, The Floki Inu (FLOKI) to USDT trading pair has been showing some interesting movements. The current price of FLOKI is at 0.000022190, marking a 3.19% increase in the last 24 hours.
Our technical analysis of the FLOKI chart reveals a clear trend and targets. The analysis was conducted on a weekly basis, which provides a more comprehensive view of the asset’s performance. The Moving Average (MA) of FLOKI, a key technical indicator, is also noteworthy. The 20 close 0 Simple Moving Average (SMA) is at 0.000030845. The SMA is a calculation that directly influences the trend of the asset. In this case, the SMA suggests that FLOKI is experiencing a downward trend, as the current price is below the SMA.
Meme-inspired cryptocurrencies like Dogecoin and Floki Inu continue to captivate investors with their potential for gains and challenges within the volatile crypto market. While Dogecoin’s price analysis suggests a complex pattern and the need for a new low before a potential bull run, Floki Inu has seen a downtrand desptite the initiatives such as the University Of Floki and the addition of new trading pairs.
Both cryptocurrencies present intriguing opportunities for investors, and their future trajectories will be influenced by ongoing developments and market dynamics.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com