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FLOKI – Is a 2024-style breakout coming soon for the memecoin?
For Floki to replicate its explosive 2024 breakout, it must first break through key resistance levels.
As the cryptocurrency market continues to experience turmoil, many have been questioning if FLOKI (FLOKI) is due for another significant price surge. This sentiment gained traction after the memecoin’s price structure was found to be mirroring that of its January 2024 breakout, when a prolonged consolidation phase led to a massive 640% rally and a new all-time high.
In Q1 2024, FLOKI managed to capitalize on market-wide uptrend, resulting in substantial gains for holders. In the current scenario, with the RSI hovering near neutral and volume stabilizing, could this be the calm before another explosive rally? Over the past ten days, FLOKI has traded between $0.0000900 and $0.0000100, while the MACD teetered on a bullish crossover.
However, since its post-election peak of $0.0002800, the memecoin has printed four consecutive lower lows – A clear indication of persistent bearish pressure. For FLOKI to see a decisive breakout, it must first invalidate this downtrend with increased buying momentum.
FLOKI’s fundamentals are under scrutiny, as whale accumulation has remained steady despite broader market turbulence, supporting its ongoing consolidation trend. Source: Santiment
Meanwhile, derivatives data reveals that the Open Interest (OI) climbed by 6%, indicating renewed speculation. Additionally, trading volume surged by a staggering 104.19% to reach $387.41 million.
However, at press time, FLOKI’s 3% price drop has sparked concerns of long squeeze, putting buyers under pressure and potentially leading to further liquidations if the selling momentum persists.
In spite of this, steady whale accumulation and strong fundamentals suggest that the memecoin might be primed for an uptrend once market sentiment recovers.
Source: ambcrypto.com
