After an incredible run in 2023, Shiba Inu’s main competitor, FLOKI, has swum into the mainstream of crypto investing. Its breakout towards the $1 billion market cap level has solidified its position as one of the top meme coins in space. Although FLOKI has faced difficulties in the market after its initial bullish rundown more than 50% from its 2023 highs, it is still a favorite among investors and analysts, who expect the meme coin to see bullish momentum going forward.
Shiba Inu competitor prepares for escape
Crypto analyst CobraVanguard has predicted a rally for the price of FLOKI. According to CobraVanguard, the Shiba Inu competitor is forming one of the most bullish patterns on its chart, known as the Falling Wedge pattern. This pattern itself is usually formed during a bear market, making the breakout the most important part.
Related Reading
This Falling Wedge pattern identified on the FLOKI chart by the crypto analyst has been forming for almost five months now. It started with the initial rally in April before taking shape in the month of June when the downtrend began. Naturally, as the FLOKI price fell further, the falling wedge pattern took shape.
At this point, a breakout is likely, given how long the downtrend and recovery in the crypto market have lasted. As the analyst points out, if such a breakout happens, then the FLOKI price could soar from here, rising around 54% to hit the $0.000195 target.
However, if the Falling Wedge pattern continues to form, then continuation would bring bearish news for the Shiba Inu competitor. This could deepen the downtrend, pushing it towards $0.000084 before another breakout occurs.
Optimism for FLOKI continues
CobraVanguard isn’t the only crypto analyst predicting a breakout for FLOKI price brief. Another analyst, Cryptollica, took to X (formerly Twitter) to share similar sentiments about the Shiba Inu competitor. The crypto analyst compared it to Dogecoin, currently the largest meme coin by market cap, predicting that FLOKI’s price will rise.
Related Reading
However, Cryptollica’s predictions are not as conservative as CobraVanguard’s, predicting that the price of meme coin will increase above $0.04. This is a more than 400% increase in the price of FLOKI compared to the previous forecast of 54% at $0.000195.
FLOKI/DOGE 🍭🎙#floki 🍈 pic.twitter.com/37DRY5niz5
-Cryptollica⚡️ (@Cryptollica) September 13, 2024
However, both predictions maintain the same sentiment and that is that the Shiba Inu competitor is ready for a breakoutWith meme coins expected to lead the bull run this time around, it wouldn’t be surprising if FLOKI is one of the leaders.
Featured image created with Dall.E, chart from Tradingview.com
