Crypto News- FLOKI’s price has undergone a swift and impressive rise, starting from October 20 and reaching an astonishing high of $0.000042 today. This extraordinary upward trend has propelled FLOKI into the prestigious ranks of the top 100 cryptocurrencies, resulting in a substantial increase in daily trading volume.
FLOKI’s Weekly Price Gain of 130% Propels It into the Top 100 – Could Meme Coin Season Be Rekindled?
FLOKI’s October Price Surge
FLOKI began a breakout from a descending resistance trendline on September 26, which had persisted since February. This crucial breakout triggered a significant acceleration in FLOKI’s price, notably on October 20 when it reached the peak of $0.000042. Throughout this bullish journey, FLOKI successfully reclaimed the horizontal support at $0.000029.
Social Data and Growing Interest
Social data related to FLOKI indicates a renewed surge in interest in the coin, reflecting the ongoing price surge. Notably, the trading volume has surged to 337 million, surpassing even that of Shiba Inu (SHIB), which has a 24-hour trading volume of $260 million. Consequently, FLOKI’s impressive price surge has elevated its market capitalization to $389 million, securing its position among the top 100 cryptocurrencies, ranking at number 89.
FLOKI Price Forecast: What Lies Ahead?
Technical analysts often utilize the Elliott Wave theory to identify recurring long-term price patterns and investor sentiment, aiding in predicting future price movements.
The most likely wave count for FLOKI is bullish, indicating that the price is approaching the culmination of wave three in a five-wave upward movement (depicted in black). However, the presence of a long upper wick (indicated in red) raises the possibility that a local peak is approaching, potentially leading to a corrective wave four. This correction could find support near the 0.382 Fibonacci retracement level at $0.000032.
Subsequently, the fifth and final wave could drive the price towards the next resistance at $0.000048, representing a 25% price increase from the current level and a 50% gain from the 0.382 Fibonacci support.
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