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Meme coin FLOKI has also benefited recent influx into the crypto markets, causing many cryptocurrencies to post gains in both the 24-hour and seven-day time frames.
Notably, these inflows have taken FLOKI out of the downtrend line that has served as the high point of its rallies since June. This breakout is seen as a major technical development, with crypto analyst World Of Charts highlighting it as a strong bullish signal. According to the analyst, the breakout opens the trend for the meme coin to continue its run to a new all-time high.
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FLOKI Ready for 200% rise past record high
Although it launched in 2021, FLOKI rose to prominence earlier this year after surging 1,100% in five months to peak at a new all-time high of $0.0003449. As it stands, the meme coin has corrected about 55% from this all-time high.
However, according to the analysis and forecast of crypto analyst World Of Charts, this correction is about to end and the all-time high of $0.0003449 may not hold for much longer.
World Of Charts shared its analysis on social media platform X and posted a daily candlestick chart of the FLOKI/TetherUS trading pair. The chart shows that the meme coin has just broken above the resistance trendline of a bullish pennant flag pattern, within which the meme coin has been trading since hitting its all-time high.
As for the expected price trajectory, the analyst believes that FLOKI is on track for a new breakout that could not only surpass the previous all-time high but also push it towards a price point just below $0.0005. To reach this point, FLOKI would have to experience a 210% rally from the current price level.
$Floki #Floki Finally break out, send it to new Ath🚀 https://t.co/I2sVnrx94X pic.twitter.com/LNsAHKe1Q0
— World of Charts (@WorldOfCharts1) October 19, 2024
Is a 200% rally possible for FLOKI?
At the time of writing, FLOKI is trading at $0.0001554 and is still up 12% over the past seven days. According to data from on-chain analytics platform Santiment, FLOKI and other meme coins, witness the highest interest and social media mentions platforms in five months. This interesting trend is caused by the new interest in Dogecoinwhich has naturally flowed into other meme coins.
Given this increased attention and the bullish technical setup highlighted by analysts, a 200% rally is within the realm of possibility. FLOKI has already shown that it can make significant gains in a short time, having posted an impressive 1,100% increase earlier this year. If the current social buzz and market dynamics continue to favor meme coins, FLOKI could break through its resistance levels and embark on another explosive rally to achieve a 200% gain before the end of the year.
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According to another crypto analyst, FLOKI is set to an even larger 2,100% iincrease to $0.002.
Featured image of Lunu, chart from TradingView
