Analyst @ZAYKCharts shared an optimistic outlook for FLOKI, suggesting that the token could be primed for a significant price increase. According to his tweet, FLOKI has broken out of a falling wedge pattern, which could lead to a 100-150% price increase.
According to the chart by @ZAYKCharts, FLOKI has been trading in a descending wedge for a few months. Typically marked by falling highs and lows, this pattern indicates a bullish reversal.
Hopes for a bullish outlook were sparked by a confirmed breakout from the upper trendline. Analysts see this as a shift in market dynamics, where buying pressure will outweigh selling pressure, thus allowing for a long-term price increase.
Generally considered a bullish formation, the falling wedge suggests that the price is likely to rise after a breakout. The tweet from @ZAYKCharts validates this by implying that FLOKI is about to have a major rally, which could result in a 100–150% gain.
Key Support and Resistance Levels
The analysis identifies key levels that will play a key role in FLOKI's upside potential. The breakout level, around $0.00017000, is considered an immediate resistance level. To sustain the bullish trend, the price must stay above this level. Analysts emphasize that staying above this level could confirm the breakout and encourage further buying.
On the support side, the lower trendline of the wedge continues to provide a solid base. Additional support is identified at $0.00011500, which was a consolidation point before the breakout. If a pullback occurs, these levels will be important in maintaining the overall uptrend.
Price target shows 150% upside potential
The projected price target for FLOKI, based on chart analysis, is near $0.0004100. This target is in line with @ZAYKCharts' prediction of a 100-150% upside potential. If the bullish wave continues, reaching this level would mark a significant increase from the current price.
The term “falling wedge breakout” in the tweet indicates that FLOKI has completed a bearish pattern and could be set to move higher. Technical analysis suggests that this could be the start of a new uptrend, with the expected target reflecting this sentiment.
Potential for price increase?
Furthermore, according to analyst @Bluntz_Capital, FLOKI appears to have completed a macro ABC correction, followed by a three-month accumulation phase. The price is slowly approaching a breakout level, which could pave the way for a new record high. Confident in this potential, @Bluntz_Capital has added FLOKI to its long-term holdings, anticipating a rapid rally once the accumulation phase ends.
Therefore, for FLOKI to reach its intended target, the breakout must be supported by rising trading volumes. Analysts will be closely watching for any retests of resistance levels. Additionally, if the price can hold above the support level, it will signal strength and reinforce the potential for further upside.