#FLOKI ’s price has exhibited a strong upward trend, gaining over 3% in the past 24 hours. Technical indicators suggest that this bullish momentum may persist.

The meme coin’s weekly and daily price charts remain firmly in the green, indicating a sustained dominance of buying pressure. This bullish surge began following the FOMC announcement last month, reversing a downward trend that had set in after $FLOKI reached its all-time high in June.

The price action has followed a classic five-wave pattern, with four waves completed before a recent minor pullback. Given FLOKI’s current bullish trajectory and technical analysis, we explore potential price targets and trading strategies for the coming weeks.

FLOKI (FLOKI) price prediction

FLOKI’s market capitalization currently sits at around $1.44 billion, positioning it slightly ahead of Popcat. Today, FLOKI has risen by 3.73%, with trading volume surging by 59.33%. This strong performance stands out, especially considering the current market conditions.

An analysis of recent price action reveals an aggressive spike, following a pattern of higher lows over the past few days. This bullish trend points to a potential continuation as the market enters “altcoin season.”

With a market cap approaching $2 billion, FLOKI is nearing all-time highs, indicating significant room for growth, especially with the current momentum.

A closer look at the chart shows intriguing patterns. Although recent analysis suggested a potential 10% drop, the confirmation never materialized, leading to no trade. However, several key positions remain active.

On a macro level, FLOKI seems to be forming a falling wedge pattern, which traditionally breaks upward. This potential breakout could lead to substantial gains, and identifying key resistance levels is essential for making informed decisions.

The analysis highlights several important resistance levels established in previous price action, including strong resistance near the current price and multiple support levels below.

The formation of a parallel channel suggests a breakout may happen soon. Traders should focus on these levels for entry and exit points. A solid strategy involves entering around the identified resistance point, where previous resistance aligns with current price action.

Staggering take profit orders at key resistance levels and placing a stop loss at the entry point after hitting the first take profit can secure profits and minimize risk. Targeting a 24% profit from this trade seems realistic, depending on the market’s reaction to the resistance levels.

If you’re looking for investment opportunities that could offer big returns and increase in value during the next bull run, check out our guide here for the best crypto presales of 2024.

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