World Of Charts shared insights on the price action of FLOKI, suggesting that it is poised for a significant breakout and a potential 200% price increase.
The chart provided by World Of Charts shows a symmetrical triangle pattern in the FLOKI/USDT pair on Binance, over a one-day timeframe. This formation is characterized by converging lower highs and higher lows, indicating a period of consolidation.
Such triangles often suggest indecision in the market, where buying and selling pressures are balanced. However, they are commonly recognized as continuation patterns, signaling that a sharp price movement could occur following a breakout.
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$Floki #Floki Starts Another Consolidation Expecting Breakout Soon Still Expecting 200% After Breakout https://t.co/U7Znqo35B0 pic.twitter.com/Y2rADiWrH3
— World Of Charts (@WorldOfCharts1) October 15, 2024
Breakout Expectation
According to World Of Charts, the breakout from this symmetrical triangle is anticipated to happen soon. The price is approaching the apex of the triangle, where historical trends suggest a breakout is likely to occur as the price moves past one of the trendlines.
The chart features indicators that point toward a bullish breakout, further enhancing the expectation of upward momentum.
World Of Charts has set a projected price target based on this analysis. The chart indicates a potential gain of 210.82%, which would elevate FLOKI’s price from approximately 0.00015307 USDT to around 0.00034360 USDT.
This aligns closely with the 200% target mentioned in the tweet, reinforcing the bullish outlook for the coin.
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Key Observations
At the time of the analysis, FLOKI was consolidating around 0.00015199 USDT, positioned near the upper boundary of the triangle. This positioning suggests that the asset is facing imminent pressure against the resistance trendline.
The lower trendline of the triangle has functioned as a strong support level, while the upper trendline represents resistance. The price being tightly squeezed between these two lines signals that a breakout may be on the horizon.
Key factors to monitor for confirmation include:
A breakout above the upper trendline of the triangle accompanied by increased volume.
A critical observation for invalidation would be if FLOKI breaks below the support trendline.
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