Under the influence of the crypto market rally past the US election result, all the altcoins, including FLOKI price, rallied heavily. After Donald Trump won the election on November 6, its price jumped from $0.00012 to $0.0001479. More importantly, this surge came after the heavy fall on November 5, as FLOKI plunged to a two-month low at $0.0001149. It confirms that the recent Floki Inu price surge came true with the overall market’s bullish rally.
Interestingly, the bull’s dominance is still active in the crypto market today, as the FLOKI price surged almost 1% in the last 24 hours, currently at $0.0001424, which is high considering its struggling days. However, this is about to get over, as analysts believe the token might aim for a 200% rally in the next few days.
Why Could FLOKI Price Rally $200% Next?
Floki Inu’s price is slowly building a pace to follow the bulls, as it has surged almost 5% over the week. This week, it plunged to a two-month low, but a crypto analyst has indicated the possibility of witnessing a 200% breakout for this token. As per him, the ongoing consolidation phase will end with a breakout as it is getting ready for another Bullish wave, which is consolidating between the Tight Bullish Pennant Range. More importantly, the trend is quite strong for this breakout, which could result in a 200% bullish wave in the next few days. Meanwhile, the other dog-themed meme coins are already taking the lead, the next few days could push FLOKI in the race as well.
$Floki #Floki Seems Like Ready For Another Bullish Wave Consolidating Within Tight Bullish Pennant Range & Trend Is Strong Probability Is Higher For Upside Breakout After Successful Breakout Expecting 200% Bullish Wave In Coming Days pic.twitter.com/H2HO7GduRD
— World Of Charts (@WorldOfCharts1) November 6, 2024
Floki has been following a consolidation for weeks and has drifted 59% away from the ATH of $0.0003462 set just five months ago. During this period, the price indicated the formation of multiple symmetric triangles (pennants), which are the signs of the Tight Bullish Pennant range, which covers the same small symmetrical triangle pattern right after big upward movement. More importantly, once the pattern finishes, it ends with another bullish rally.
This month-long consolidation took place with the users shifting interest from this token to new and trending meme coins. At the same time, the trading volume for this token decreased, which is also common during the pennant formations. Interestingly, it often leads to a breakout if it goes past the pennant, and the same is the situation right now, where a breakout might happen with the FLOKI price breaking above it.
Technical Indicators Favor the Bullish Outlook
After analyzing the 24-hour chart, it is clear that the token is in a buying zone where the investors are actively trading the token. The 24-hour training volume also signifies the same, as the total value is up to $229.44M, which is better than average. Additionally, many technical factors like RSI, Moving averages, and MACD favor the analyst’s bullish outlook.
The relative strength index is at 52.2, which is a sign of building strength without pushing the token to overbuying. The same is true with the major moving average and MACD, as they are also in the buying zone, hinting at the possibility of crossover.
Overall, these technical indicators present buyer dominance. This combined with a symmetrical triangle pattern, implies the possibility of a strong uptrend and FLOKI price rally.
What Is In There For You?
Floki holders have been waiting for the bullish rally for months now, as the token has lost track since the ATH in May. Now, with the bull’s dominance in the crypto market and Donald Trump’s promises for the crypto industry, the chances of the Floki price rally have increased. Not to forget, the uptrend possibility with the pennant breakout. With that, even this meme coin could return to its glory, which is much needed. If the 200% rally ends up happening for this token, the investors who have been bearing losses on their FLOKI investment would be able to recover mostly or even turn a profit. However, the intensity of the breakout is unclear, as market trends and hundreds of other factors could impact the rally.
The post Why Floki Price Might Rally at Least 200% in The Next Few Days? appeared first on CoinGape.
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