Floki Inu (FLOKI), a meme coin inspired by Elon Musk's Shiba Inu puppy, is causing a storm, with analysts predicting a potential price rise of 120% to 200% in the coming months. This comes amid a period of impressive performance for FLOKI, defying the overall market slowdown.
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While the cryptocurrency market has faced turmoil recently, FLOKI has been charting its own course. Over the past month, the value of the memecoin has risen by 40%, showing resilience and challenging broader market sentiment. This upward trend has continued over the past 24 hours, as FLOKI recorded another 18% price increase.
Technical green flash: Bullish flag hints at breakout
Adding fuel to the fire are technical indicators. Keen analysts have spotted a bullish flag formation on the FLOKI charts, a technical pattern that often precedes a major price breakout. This pattern usually appears after a period of consolidation, indicating a potential rise in price once the flag is broken.
Analysts in chorus: Floki prepares for take-off
Several analysts have come forward to lend credence to FLOKI's bullish outlook. Captain Vibek, a respected cryptocurrency analyst, meticulously combed the FLOKI charts and identified a bullish flag formation on the daily time frame. Vibec expects a strong upside in the medium term, anticipating gains of approximately 180-200%.
$FLOKI It is exiting the bullish flag on the daily chart..!!
Looks very bullish in the medium term, +180-200% upside expected.. 📈🚀#encryption #FLOKİ #FlokiUSDT pic.twitter.com/2Fgxq05Oq8
– Captain Faibik (@CryptoFaibik) May 14, 2024
Another analyst, known by the moniker World Of Charts, echoes Weibeck's sentiments. They also observed a bullish breakout from the pennant formation, albeit on the 12-hour time frame.
Breakout of the bullish flag in the 12-hour time frame. In case of a successful breakout, a bullish wave of 120-130% is expected.#encryption #Floki pic.twitter.com/FtrphajtEY
– World of Charts (@WorldOfCharts1) May 13, 2024
World Of Charts expects a significant uptrend, estimating gains between 120-130% after a successful breakout. This consistency in analysis from various experts underscores the growing confidence in FLOKI's ability to deliver a significant upside.
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The future of FLOKI: a meme coin with momentum?
FLOKI's recent performance and prominent analyst support has undoubtedly captured investors' attention. FLOKI's ability to translate this hype into a sustainable price increase will be a story to watch in the coming weeks.
Featured image from Beautifulbeasts.com, chart from TradingView