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FLOKI – Is a 2024-style breakout coming soon for the memecoin?
The memecoin’s current consolidation might just be setting up for another explosive move, similar to its January 2024 breakout. FLOKI’s price structure has been mirroring its performance from that period, and it may not be out of the question to see a repeat of those gains.
In Q1 2024, FLOKI delivered an astonishing 640% rally, capitalizing on the market-wide uptrend. Although the current situation appears vastly different, with bears exerting significant pressure, there are signs that the memecoin could still be due for another explosive surge.
Over the past ten days, FLOKI has traded within a narrow range of $0.0000900 and $0.0000100, as seen on the TradingView chart. The MACD is teetering on a bullish crossover, indicating that buying momentum might be building up.
However, the current downtrend remains strong, with the memecoin’s price down 66% from its post-election peak of $0.0002800. For FLOKI to replicate its 2024-style breakout, it must first break through key resistance levels – starting with $0.000133 in the near term.
A successful reclaim could set off a trend shift, but failure to do so might prolong the consolidation phase. The whales have been accumulating steady over the past few days, providing support for this ongoing consolidation.
Source: ambcrypto.com
