As a seasoned crypto investor with a knack for spotting hidden gems, I’ve been closely monitoring the meme coin sector, and FLOKI has certainly caught my eye. Its impressive run back in 2023 and subsequent struggle have made it an intriguing investment opportunity.
Following an impressive streak in the year 2023, the prominent Shiba Inu competitor FLOKI made a splash in the world of crypto investments, becoming more mainstream. Its surge towards the $1 billion market cap milestone reinforced its status as one of the front-runners among meme coins within this sector. Despite experiencing turbulence in the market following its initial surge, FLOKI has dropped over 50% from its 2023 highs, it remains a preferred choice for investors and analysts alike, who anticipate bullish trends for the meme coin in the future.
Shiba Inu Competitor Gears Up For Breakout
As a researcher delving into the cryptocurrency realm, I’ve come across an intriguing prediction from CobraVanguard regarding FLOKI. CobraVanguard believes that we might be witnessing a bullish surge for this Shiba Inu competitor. This optimistic outlook is based on the formation of what’s known as a Falling Wedge pattern on its chart, a bullish indication typically seen during a market downturn. However, it’s crucial to note that the breakout from this pattern will be pivotal in determining the actual direction of FLOKI’s price movement.
Over the past five months, a Falling Wedge pattern has been developing on the FLOKI chart, according to crypto analysis. This pattern started during the initial surge in April and solidified in June when the downward trend began. As the price of FLOKI continued to drop, the Falling Wedge shape became more pronounced.
It seems quite probable that a surge or breakthrough in the FLOKI price is imminent, given the extended downtrend and the ongoing recovery in the crypto market. As the analyst points out, should this breakout occur, the FLOKI price may soar by approximately 54%, potentially reaching a target of $0.000195.
Should the Falling Wedge pattern persist, it’s likely to forecast a bearish trend for the rival of Shiba Inu. This might cause the decline to deepen, potentially dropping the price as low as $0.000084 before a new breakout takes place.
Bullishness For FLOKI Continues
It’s not just CobraVanguard who anticipates a price surge for FLOKI soon; another analyst, Cryptollica, has also expressed similar views on their platform (previously Twitter). In fact, they likened FLOKI to Dogecoin, the largest meme coin by market cap, suggesting that its price could soar dramatically.
As an analyst, I find that Cryptollica’s projections for the meme coin are more aggressive than CobraVanguard’s. Instead of a modest increase to $0.000195 as predicted by CobraVanguard, Cryptollica anticipates the FLOKI price skyrocketing above $0.04 – a staggering 400% rise compared to their forecast.
FLOKI/DOGE #floki
— Cryptollica (@Cryptollica) September 13, 2024
Despite having slightly different expressions, both forecasts share the same positive outlook: It appears that the rival of Shiba Inu is primed for a significant surge. Given the anticipation surrounding meme coins as potential frontrunners in this market upswing, it wouldn’t come as a shock if FLOKI took a leading role.
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2024-09-17 18:40