Floki, the joke coin that used to be very popular, has been going up and down since June. It dropped from a high point of $0.00034 to a low point of $0.00011, a huge 65% loss.
But an 18% rise in the last 24 hours has given experts new hope. They are now speculating on a possible price surge, with some predicting a remarkable 165% growth over the next year.
Floki Breakout Looms?
“Floki’s price action has received strong support from a descending trend line,” said ZAYK Charts, a popular crypto analyst. The technical pattern is bearish and shows steady selling interest, which has generally kept prices low, but ZAYK has begun to feel the breakout is near.
$FLOKI When a breakout happens, we anticipate Massive Bullish wave
#FLOKI #FLOKIUSDT #Crypto pic.twitter.com/PaLd0rmY1l
— ZAYK Charts (@ZAYKCharts) August 19, 2024
In the event that Floki can shatter the resistance zone that has been keeping pressure on its value, it is likely to start a massive bull cycle, which could easily drive the asset’s price by over 46% from its current value, the analyst said.
Volatility Indicator Suggests A Likely Change
The recent price activity of Floki didn’t go unnoticed by traders. A peak through the Bollinger Bands uncovers a popular volatility indicator on the verge of an interesting period of low volatility, with the bands contracting.
Under these circumstances, either upside or downside price movements have sprung. From the current position at the middle band, Floki is likely to consolidate and wait for a cleaner signal of development from market participants.
To add to the pressure, its RSI hit the 46.32 figure, meaning it’s sitting in neutral territory—just with a very slight lean towards the oversold camp. Any RSI reading under 50 is a sign of weak market momentum but, considering it still isn’t under 30, Floki might just spend weeks consolidating unless something changes the market dynamics.
What Lies Ahead For Floki?
The market analysts watch whether or not Floki can hold up this surge. From a price that trades far below the value projected for the next month, of which it’s 230% off the estimate, this highly poses an undervalue situation, and for some market analysts, it may be a cause of an uptrend anytime soon.
The short-term still looks quite lucrative for Floki: a 245% gain is expected to be accrued in the coming three months, which should open the way for a more robust recovery. This could be easily drawn by many traders, with the intention of making profits at low prices.
Looking beyond short-term calculations, the price of Floki will continue to move upward. In one year, the investment would be worth 180% more, an absolutely stunning move. Looking one year out, the goal is a target of 167% to the upside.
Featured image from Scam Robot, chart from TradingView