End Of The Slump? Floki Eyes A 46% Price Surge — Analyst
20 Agosto 2024 - 3:30PM
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Floki, the joke coin that used to be very popular, has been going
up and down since June. It dropped from a high point of $0.00034 to
a low point of $0.00011, a huge 65% loss. Related Reading: Cardano
(ADA) Nears Key Level As Analyst Eyes Over 100% Upside – Details
But an 18% rise in the last 24 hours has given experts new hope.
They are now speculating on a possible price surge, with some
predicting a remarkable 165% growth over the next year. Floki
Breakout Looms? “Floki’s price action has received strong support
from a descending trend line,” said ZAYK Charts, a popular crypto
analyst. The technical pattern is bearish and shows steady selling
interest, which has generally kept prices low, but ZAYK has begun
to feel the breakout is near. $FLOKI When a breakout happens, we
anticipate Massive Bullish wave📈#FLOKI #FLOKIUSDT #Crypto
pic.twitter.com/PaLd0rmY1l — ZAYK Charts (@ZAYKCharts) August 19,
2024 In the event that Floki can shatter the resistance zone that
has been keeping pressure on its value, it is likely to start a
massive bull cycle, which could easily drive the asset’s price by
over 46% from its current value, the analyst said. Volatility
Indicator Suggests A Likely Change The recent price activity of
Floki didn’t go unnoticed by traders. A peak through the Bollinger
Bands uncovers a popular volatility indicator on the verge of an
interesting period of low volatility, with the bands contracting.
Under these circumstances, either upside or downside price
movements have sprung. From the current position at the middle
band, Floki is likely to consolidate and wait for a cleaner signal
of development from market participants. To add to the pressure,
its RSI hit the 46.32 figure, meaning it’s sitting in neutral
territory—just with a very slight lean towards the oversold camp.
Any RSI reading under 50 is a sign of weak market momentum but,
considering it still isn’t under 30, Floki might just spend weeks
consolidating unless something changes the market dynamics. What
Lies Ahead For Floki? The market analysts watch whether or not
Floki can hold up this surge. From a price that trades far below
the value projected for the next month, of which it’s 230% off the
estimate, this highly poses an undervalue situation, and for some
market analysts, it may be a cause of an uptrend anytime soon.
Related Reading: Shiba Inu Skyrocketing Potential: Could SHIB Surge
500%? The short-term still looks quite lucrative for Floki: a 245%
gain is expected to be accrued in the coming three months, which
should open the way for a more robust recovery. This could be
easily drawn by many traders, with the intention of making profits
at low prices. Looking beyond short-term calculations, the price of
Floki will continue to move upward. In one year, the investment
would be worth 180% more, an absolutely stunning move. Looking one
year out, the goal is a target of 167% to the upside. Featured
image from Scam Robot, chart from TradingView
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