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The meme coin FLOKI has also benefited from it Recent inflows into cryptocurrency markets, Which led to many cryptocurrencies recording gains in the 24-hour and seven-day time frames.
Notably, this flow saw FLOKI break out of the downtrend line that served as the peak of its gains since June. The breakout is seen as a major technical development, with cryptocurrency analyst World Of Charts confirming it as a strong bullish signal. According to the analyst, the breakout opens the trend for the memecoin to continue its march towards a new all-time high.
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FLOKI is ready to surge 200% after its all-time high
Despite launching in 2021, FLOKI rose to the top spot earlier this year after posting a 1,100% increase over five months to reach a new all-time high of $0.0003449. Currently, the memecoin has corrected about 55% from its all-time high.
However, according to analysis and prediction from cryptocurrency analyst World Of Charts, this correction is about to end and the all-time high of $0.0003449 may not last for long anymore.
World Of Charts shared its analysis on the social media platform The chart reveals that the meme has just broken above the resistance trend line of the bull flag pattern, which the meme has been trading since reaching all-time highs.
Regarding the expected price path, the analyst believes that FLOKI is on track for another breakout that could not only surpass the previous all-time high, but also push towards a price point just below $0.0005. To reach this point, FLOKI would have to rise by 210% from the current price level.
$ herds #swarms Finally, hacked and sent towards the new Ath🚀 https://t.co/I2sVnrx94X pic.twitter.com/LNsAHKe1Q0
– World of Charts (@WorldOfCharts1) October 19, 2024
Is it possible for Floki to rise by 200%?
At the time of writing, FLOKI is trading at $0.0001554 and is still up 12% in the past seven days. According to data from on-chain analytics platform Santiment, so are FLOKI and other memecoins Experiencing the highest level of interest It is mentioned on social media Platforms in five months. This interesting trend is achieved through New interest in Dogecoinwhich naturally flowed into other meme coins.
Given this increased interest and the bullish technical setup highlighted by analysts, a 200% rally is within the realm of possibility. FLOKI has already shown that it can deliver significant gains in a short time frame, having previously recorded a staggering 1,100% increase earlier this year. If the current social hype and market dynamics continue to favor meme coins, FLOKI could break through its resistance levels and begin another explosive rally to achieve a 200% increase before the end of the year.
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According to another cryptocurrency analyst, FLOKI is just that Set to greater than 2,100% iIncrease to $0.002.
Featured image from Lunu, chart from TradingView
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