The FLOKI meme coin has also benefited from recent entries into cryptocurrency markets, which has left many cryptocurrencies posting gains in both the 24-hour and seven-day period.
Notably, this entry has seen FLOKI break a descending trend line that has served as the peak of its rallies since June. This breakout is considered a key technical development, and crypto analyst World Of Charts emphasizes it as a strong bullish signal. According to the analyst, the breakout opens the trend for the meme coin to continue its race towards a new all-time high.
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FLOKI set for 200% surge beyond all-time high
Although it was launched in 2021, FLOKI rose to prominence earlier this year after it saw a 1,100% surge over five months to reach a new all-time high of $0.0003449. As it stands, the meme coin has corrected around 55% from this all-time high.
However, according to the analysis and prediction of crypto analyst World Of Charts, this correction is about to end and the all-time high of $0.0003449 may no longer hold for long.
World Of Charts shared its analysis on social media platform X, publishing a daily candlestick chart of the FLOKI/TetherUS trading pair. The chart reveals that the meme coin has just broken above the resistance trend line 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 surpass the previous all-time high, but could also push towards a price point just below $0.0005. To reach this point, FLOKI would need to stage a 210% rally from the current price level.
$flocks #flocks Finally breaking up, send it towards 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% over the last seven days. According to data from on-chain analysis platform Santiment, FLOKI and other meme coins are witnessing the highest level of interest and mentions on social networks platforms in five months. This interesting trend is due to the new interest in Dogecoinwhich has naturally flowed into other meme currencies.
Given this increased attention and the bullish technical setup highlighted by analysts, a 200% rally is within the realm of possibility. FLOKI has already proven that it can achieve significant gains in a short period of time, having previously recorded an impressive 1100% surge earlier this year. If the current social uproar and market dynamics continue to favor meme coins, FLOKI could surpass its resistance levels and embark on another explosive rally to generate a 200% increase before the end of the year.
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According to another crypto analyst, FLOKI is ready for an even bigger 2,100%Increase to $0.002.
Featured image of Lunu, TradingView chart
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