After a four-month low, the FLOKI price rally might be next in the crypto market, as the symmetric triangle pattern indicates a 200% surge.

Why Could FLOKI Price Rally $200% Next?

Floki Inu’s price is slowly building a pace to follow the bulls, as it has surged almost 5% over the week. This week, it plunged to a two-month low, but a crypto analyst has indicated the possibility of witnessing a 200% breakout for this token. As per him, the ongoing consolidation phase will end with a breakout as it is getting ready for another Bullish wave, which is consolidating between the Tight Bullish Pennant Range. More importantly, the trend is quite strong for this breakout, which could result in a 200% bullish wave in the next few days. Meanwhile, the other dog-themed meme coins are already taking the lead, the next few days could push FLOKI in the race as well.

“$Floki #Floki Seems Like Ready For Another Bullish Wave Consolidating Within Tight Bullish Pennant Range & Trend Is Strong Probability Is Higher For Upside Breakout After Successful Breakout Expecting 200% Bullish Wave In Coming Days”

World Of Charts (@WorldOfCharts1) November 6, 2024

Floki has been following a consolidation for weeks and has drifted 59% away from the ATH of $0.0003462 set just five months ago. During this period, the price indicated the formation of multiple symmetric triangles (pennants), which are the signs of the Tight Bullish Pennant range, which covers the same small symmetrical triangle pattern right after big upward movement. More importantly, once the pattern finishes, it ends with another bullish rally.

Source: Coinmarketcap

This month-long consolidation took place with the users shifting interest from this token to new and trending meme coins. At the same time, the trading volume for this token decreased, which is also common during the pennant formations. Interestingly, it often leads to a breakout if it goes past the pennant, and the same is the situation right now, where a breakout might happen with the FLOKI price breaking above it.

Technical Indicators Favor the Bullish Outlook

After analyzing the 24-hour chart, it is clear that the token is in a buying zone where the investors are actively trading the token. The 24-hour training volume also signifies the same, as the total value is up to $229.44M, which is better than average. Additionally, many technical factors like RSI, Moving averages, and MACD favor the analyst’s bullish outlook.

The relative strength index is at 52.2, which is a sign of building strength without pushing the token to overbuying. The same is true with the major moving average and MACD, as they are also in the buying zone, hinting at the possibility of crossover.

Overall, these technical indicators present buyer dominance. This combined with a symmetrical triangle pattern, implies the possibility of a strong uptrend and FLOKI price rally.

Recommendations, suggestions, views given by the crypto experts. It’s not financial advice. You must do your own research before investing crypto markets. Crypto Wolf is always trying to share valuable news for trading, staking, investing after our own research. Most of the information source and online media news.

#FOLKI #folki/usdt #Rally #NovemberMarketAnalysis #MarketAnalysis