#FLOKI âs price has exhibited a strong upward trend, gaining over 3% in the past 24 hours. Technical indicators suggest that this bullish momentum may persist.
The meme coinâs weekly and daily price charts remain firmly in the green, indicating a sustained dominance of buying pressure. This bullish surge began following the FOMC announcement last month, reversing a downward trend that had set in after $FLOKI reached its all-time high in June.
The price action has followed a classic five-wave pattern, with four waves completed before a recent minor pullback. Given FLOKIâs current bullish trajectory and technical analysis, we explore potential price targets and trading strategies for the coming weeks.
FLOKI (FLOKI) price prediction
An analysis of recent price action reveals an aggressive spike, following a pattern of higher lows over the past few days. This bullish trend points to a potential continuation as the market enters âaltcoin season.â
With a market cap approaching $2 billion, FLOKI is nearing all-time highs, indicating significant room for growth, especially with the current momentum.
A closer look at the chart shows intriguing patterns. Although recent analysis suggested a potential 10% drop, the confirmation never materialized, leading to no trade. However, several key positions remain active.
The analysis highlights several important resistance levels established in previous price action, including strong resistance near the current price and multiple support levels below.
The formation of a parallel channel suggests a breakout may happen soon. Traders should focus on these levels for entry and exit points. A solid strategy involves entering around the identified resistance point, where previous resistance aligns with current price action.
Staggering take profit orders at key resistance levels and placing a stop loss at the entry point after hitting the first take profit can secure profits and minimize risk. Targeting a 24% profit from this trade seems realistic, depending on the marketâs reaction to the resistance levels.
If youâre looking for investment opportunities that could offer big returns and increase in value during the next bull run, check out our guide here for the best crypto presales of 2024.
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