Since October 20, FLOKI prices have risen rapidly, reaching a high of $0.000042 today.
The upward trend has placed FLOKI among the top 100 coins by market cap, leading to a significant increase in daily trading volume.
FLOKI price growth accelerated in October
FLOKI broke out of a descending resistance trendline on September 26 and has been rising ever since. Prior to the breakout, the trendline had been in place since February.
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FLOKI price growth accelerated on October 20 and reached a high of $0.000042 seven days later. During the rise, FLOKI reclaimed the $0.000029 horizontal area.
The breakout was noticed by cryptocurrency trader Crypto Tony, who believes the area is crucial for future trends.
Its gains are strikingly similar to those of PEPE (orange), which rose more rapidly in May but has now cooled.
Social data shows increased interest
FLOKI’s social data shows renewed interest in the token (orange), which correlates closely with continued price gains.
In addition, the trading volume has reached 337 million, surpassing Shiba Inu’s (SHIB) 24-hour trading volume of 260 million US dollars.
The continued FLOKI price increase has brought its market cap to $389 million, putting it in the top 100 at 89th place.
FLOKI Price Prediction: How Long Will the Rise Last?
Technical analysts use the Elliott Wave Principle to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
The most likely wave count is bullish. It shows that FLOKI price is approaching the top of the third wave (black) in a five-wave upward movement.
Due to the long upper shadow (red icon), the price might soon reach a local top and correct in wave 4. The correction might end near the .382 Fib Retracement support at $0.000032.
After this, the fifth and final wave could carry the price to the next resistance at $0.000048, which would represent a 25% increase from the current levels and a 50% increase from the 0.382 Fibonacci support level.
Although the FLOKI price prediction is bullish, a close below the $0.000029 horizontal area will invalidate the bullish count.
In this case, the price could drop by 55% to the nearest support level of $0.000018.
The crypto market is changing rapidly, and enthusiasts need to stay vigilant at all times, pay close attention to market trends, seize opportunities, and avoid risks. We sincerely wish you all greater success in the crypto world and pursue your own passwords!
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