FLOKI: memecoin could soar 200% in the next few days
Under the influence of the cryptocurrency market rally following the US election results, all altcoins registered a sharp rise. But memecoins appreciated much more intensely, especially FLOKI.
After Donald Trump won the election on November 6, FLOKI's price jumped from $0.00012 to $0.0001479 and recovered from a sharp drop that occurred the day before. This confirms that the recent rise in memecoin price could trigger a new bull rally.
Interestingly, the dominance of buyers is still active in the cryptocurrency market today as the price of FLOKI is up almost 1% in the last 24 hours. For some analysts, FLOKI could record even greater gains and rise 200% in the coming days.
FLOKI can shoot 200%
The price of FLOKES is slowly building momentum to follow the buying force, registering a 5% increase this week. Memecoin faced two extremes, reaching its lowest value in two months and then beginning a strong upward consolidation.
According to several traders, FLOKI's consolidation phase will end with a breakout as it is preparing for another bullish wave, which is consolidating between the Tight Bullish Pennant Range. More importantly, the trend is quite strong for this breakout, which could result in a 200% bullish wave in the coming days.
Meanwhile, the other dog-themed memecoins are already taking the lead, and the coming days could push FLOKI into the race as well. Names like NEIRO, for example, which accumulates gains of 57% in just seven days.
Memecoin has been following a consolidation for weeks and its price is 59% below the all-time high recorded in June. During this period, the price indicated the formation of several symmetrical triangles (streamers), which are the signals of the Tight Bullish Pennant range.
This range covers the same small symmetrical triangle pattern right after the big upward move. More importantly, once the pattern ends, it ends with another bullish rally.
This month-long consolidation occurred after the market left FLOKI aside and went in search of other memecoins. At the same time, the trading volume of this token has decreased, which is also common during pennant formations.
Interestingly, it often leads to a breakout if it moves past the pennant, and the same is the situation now, where a breakout can happen with FLOKI price breaking above it.
Technical indicators favor bullish outlook
After analyzing the 24-hour chart, it is clear that FLOKI is in a buy zone where investors are actively trading the token. The trading volume in the last 24 hours also increased and reached $229.44 million, which is better than average.
Furthermore, many technical factors such as Relative Strength Index (RSI), moving averages and MACD favor the analyst's bullish outlook. The RSI is at 52.2, which is a sign of building strength without pushing the token into overbought.
The same is true with the main moving average and the MACD as they are also in the buy zone, suggesting the possibility of a crossover.
Overall, these technical indicators show dominance by buyers. This, combined with a symmetrical triangle pattern, implies the possibility of a strong uptrend of FLOKI price.
What to expect from FLOKI?
FLOKI holders have been waiting for the rally for months as the token has lost a lot of value since its all-time high in May. Now, with the dominance of buyers in the cryptocurrency market and Donald Trump's promises to the industry, the chances of FLOKI's price rising have increased.
If the 200% rally ends up happening, investors who were bearing losses on their investment could reverse this scenario and make strong profits. However, the intensity of the breakout is unclear as market trends and hundreds of other factors can impact the rally.