Crypto Update: Bullish Momentum Aims for $0.00012 on Floki
In a significant development for the crypto market, the cryptocurrency FLOKI has broken out of a falling wedge pattern on its 6H chart, indicating a potential shift in its price action. This breakout occurred near the critical support level of $0.000095-$0.000097, which aligns with wedge support zones.
The current trading price of FLOKI stands at $0.00009677, consolidating just above the basis line at $0.00009583 and nearing the upper Bollinger Band at $0.00010747. This price movement suggests that the token could be gearing up for a potential rally, with the analyst projecting the next potential target around $0.000120-$0.000125.
However, resistance remains firm at $0.000107-$0.000110, a zone that previously rejected bullish attempts. A decisive break above this level could lead to a rally toward $0.000105-$0.000110.
The Chaikin Money Flow (CMF) currently sits neutral at 0.00 on TradingView, suggesting a balanced flow of money into and out of FLOKI. A move above 0.05 on the CMF would indicate stronger accumulation and likely validate a push beyond $0.000107.
The daily trading volume for FLOKI has topped $101 million, reflecting increased investor interest in the token. This surge in volume, coupled with the breakout, suggests that buyers are gradually taking control of FLOKI.
Support is established along the lower wedge line near $0.000085-$0.000088, providing a floor for potential corrections. If the token sustains higher lows, it could mark the beginning of a larger reversal phase for FLOKI.
The token price action suggests coiling energy, with traders waiting for a breakout to confirm the next big move. This breakout comes after the announcement by Eightco, which declared a $250 million treasury allocation for FLOKI tokens.
With a market cap of $934 million, FLOKI is currently ranked at 125 among cryptocurrencies. The immediate resistance for FLOKI is at $0.000098-$0.000100, a level that will need to be surpassed for the token to continue its upward trajectory.
In conclusion, the breakout of FLOKI from its falling wedge pattern, coupled with increased trading volume and a supportive technical outlook, suggests that the token could be poised for a potential rally. However, investors should exercise caution and consider the potential risks involved in crypto trading.
