The impressive 128% rally in FLOKI now targets the neckline at $0.00032049, aiming for a breakout that could push the price to a new all-time high.
As the broader market rebounds, with Bitcoin recently hitting a new all-time high at $97,900, meme coins are making significant moves. Floki, in particular, stands out, posting a 7.21% jump and delivering a remarkable 700% return over the past year.
The market cap of meme coins is standing tall above the $110 billion mark and preparing for a bullish trend ahead. Will the ongoing recovery in the broader market, coupled with the rise of meme coins, propel Floki’s price to new all-time highs? Let’s take a closer look.
Floki Price Analysis
On the daily chart, FLOKI shows a powerful reversal rally, having surged 128% in just 17 days after bouncing from the $0.000146 support level.
Currently, FLOKI is trading at $0.00026, surpassing the key 78.60% Fibonacci level at $0.00025. This marks an important psychological milestone, and the recent bullish engulfing candle reinforces the uptrend.
Supporting this bullish outlook, the overnight surge has caused an uptick in the VI lines of the DMI indicator. This delayed the negative crossover and contributed to an increase in the ADX line, signaling stronger trend momentum.
Additionally, the exponential moving averages (EMAs) for the 50-day, 100-day, and 200-day periods remain positively aligned, further supporting the bullish trend.
Will FLOKI Hit a New ATH?
A minor intraday pullback of 1.30% serves as a slight retest of the critical breakout zone. The price action suggests a rounding reversal that is now positioning FLOKI to challenge the neckline at the previous swing high of $0.00032049.
After this retest, a bounce back could see the price targeting a new all-time high above $0.003487. Fibonacci retracement levels suggest potential price targets of $0.00042 and $0.00062, corresponding to the 1.272 and 1.618 Fibonacci extensions, respectively.
On the flip side, a slip below the 78.60% Fibonacci level would bring the price down to retest support levels at $0.000227 or $0.00020.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
