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The FLOKI meme coin also benefits from it recent inflow into the crypto market, which saw many cryptocurrencies posting profits in both 24-hour and seven-day periods.
Notably, these inflows have pushed FLOKI out of the descending trendline that topped its rise since June. The breakout was seen as a major technical development, with World Of Charts crypto analysts emphasizing it as a strong bullish signal. According to analysts, the breakout opened the trend for meme coins to continue advancing towards new all-time highs.
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FLOKI Poised For 200% Surge Past All-Time High
Despite launching in 2021, FLOKI rose to prominence earlier this year after seeing an increase of 1,100% over five months to reach a new all-time high of $0.0003449. Currently, the meme coin has corrected about 55% from its all-time high.
However, according to analysis and predictions from World Of Charts crypto analysts, this correction will end soon 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 shows that the meme coin recently broke above the resistance trendline of the bullish pennant flag pattern, where the meme coin has been trading since hitting its all-time high.
In terms of price trajectory projections, the analyst believes FLOKI is on track for another breakout that could not only surpass its previous all-time high but also push towards a price point just below $0.0005. To reach this point, FLOKI would have to rally 210% from its current price level.
$Floki #Floki Finally Out Send To New Ath🚀 https://t.co/I2sVnrx94X pic.twitter.com/LNsAHKe1Q0
— World Of Charts (@WorldOfCharts1) October 19, 2024
Is a 200% Rally 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 no different witnessed the highest level of interest and mentions on social media platform in five months. This interesting trend is caused by renewed interest in Dogecoinwhich naturally trickled down to other meme coins.
Given the increased attention and bullish technical setup highlighted by analysts, a rally of 200% is still possible. FLOKI has shown that it can make significant gains in a short period of time, having previously recorded an impressive increase of 1,100% earlier this year. If the current social buzz and market dynamics continue to favor the meme coin, FLOKI could break through its resistance level and start another explosive rally to deliver a 200% increase before the end of the year.
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According to other crypto analysts, FLOKI is set to be even greater 2.100% iincreased to $0.002.
Featured image from Lunu, chart from TradingView
