The FLOKI meme coin also benefited from recent inflows into crypto markets, which left many cryptocurrencies recording gains on both 24-hour and seven-day periods.
Notably, this influx caused FLOKI to break a descending trendline that served as the peak of its rallies since June. This breakout is seen as an important technical development, with crypto analyst World Of Charts emphasizing it as a strong bullish signal. According to the analyst, the breakout opens the way for the meme coin to continue the race towards a new all-time high.
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FLOKI poised for 200% surge beyond all-time high
Although launched in 2021, FLOKI rose to prominence earlier this year after rising 1,100% over five months to reach a new all-time high of $0.0003449. As it stands, the meme coin has corrected by about 55% from this all-time high.
However, according to crypto analyst World Of Charts analysis and forecast, this correction is about to end and the all-time high of $0.0003449 may not last much longer.
World Of Charts shared its analysis on social media platform X, posting a daily candlestick chart of the FLOKI/TetherUS trading pair. The chart reveals that the meme coin has just broken above the resistance trendline of a bullish pennant flag pattern, within which the meme coin has been trading since reaching its all-time high.
In terms of the projected price trajectory, the analyst believes that FLOKI is on track for another breakout that could not only exceed the previous all-time high but also push it to a price point just below $0.0005. To reach this point, FLOKI would have to rise 210% from the current price level.
$Floki #Floki Finally popping, send to a new Ath🚀 https://t.co/I2sVnrx94X pic.twitter.com/LNsAHKe1Q0
– World of Charts (@WorldOfCharts1) October 19, 2024
Is a 200% recovery possible for FLOKI?
At the time of writing, FLOKI is trading at $0.0001554 and is still up 12% in the last seven days. According to data from on-chain analytics platform Santiment, FLOKI and other meme coins are witnessing the highest level of interest and mentions on social media platforms in five months. This interesting trend is caused by the new interest in Dogecoinwhich naturally flowed into other meme coins.
Given this increased attention and the bullish technical setup highlighted by analysts, a 200% recovery is within the realm of possibility. FLOKI has already demonstrated that it can achieve significant gains in a short space of time, having previously recorded an impressive 1,100% increase earlier this year. If the current social buzz and market dynamics continue to favor meme coins, FLOKI could break through its resistance levels and embark on another explosive rally to deliver a 200% surge before the end of the year.
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According to another crypto analyst, FLOKI is set to 2,100% even higher iincrease to $0.002.
Lunu Featured Image, TradingView Chart