What’s Next After 120% Surge in a Week?

What’s Next After 120% Surge in a Week?

Floki Price Prediction: The FLOKI coin price breaking above another resistance hints the buyers are preparing for further rally.

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Floki Price Prediction: The Floki Coin price has certainly made its presence felt, entering the October crypto rally fashionably late but with compelling force. From its low on October 20th of $0.00001765, the asset has skyrocketed around 120% to its current trading price of $0.0000377. However, with the Bitcoin price experiencing supply pressure around the $35,000 level, questions arise about this memecoin’s ability to sustain its impressive rally.

Also Read: Price Surge After Bitcoin ETF Fake News, New Meme Coin On the Horizon Plus More..

Is Floki Price Heading to $0.00005?

  • A breakout from $0.0000375 set the FLOKI price for a 32% surge
  • A bullish crossover between the 50-and-100-day EMAs should boast the market buying pressure
  • The intraday trading volume in the Floki coin is $364.2 Million, indicating a 105% gain.

Floki Price Prediction:Source- Tradingview

On the daily chart, the Floki price has captured the attention of crypto enthusiasts with a nearly vertical rally backed by a surge in trading volume. This points to strong buying interest and suggests that this rally might be more than just a flash in the pan. 

Amid this rally, the coin buyers broke through some key resistance levels at $0.0000247, $0.0000365, and most recently, $0.0000378. Earlier today the Dog-themed memecoin showed a 12% rise, but the buyers couldn’t sustain this level which resulted in a minor pullback evidenced by the long tail rejection. 

Despite the overhead supply pressure, if the coin price manages to close above $0.0000378, the buyers could obtain suitable support to prolong the ongoing recovery. The post-breakout rally should surge the prices another 33% higher to hit the $0.00005 psychological barrier.

Key Levels to Watch

After a massive surge, the overhead supply pressure is common as short-term traders prefer to book their profits. However, if the newfound selling pressure pushes the Floki price below $0.0000378 and the long-coming downsloping resistance, the coin holders could witness a deeper pullback before taking the next leap of recovery. According to the Fibonacci retracement tool, potential support may lie around $0.000036 (aligned with the 23.6% Fib level) and $0.000032 (the 38.2% Fib level).

  • Average Directional Index: The daily ADX slope crossing above 45% suggests that the buying momentum may be reaching exhaustion.
  • Exponential Moving Average: With the asset trading above key EMAs (20, 50, 100, and 200), the market conditions lean bullish.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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