FLOKI rallies to a new monthly high, signaling that more upside potential might just be beginning.
- FLOKI has broken out from a bullish triangle pattern following a consolidation phase. Should this uptrend persist, FLOKI could revisit its previous highs from August and July.
Over the past 30 days, Floki [FLOKI] has demonstrated solid performance, delivering an 8.49% return to investors.
However, the last 24 hours have shown a minor setback, with a slight decline of 0.04%, marking a deviation from its stable trajectory.
Emerging developments indicate that FLOKI is poised to adopt a predominantly bullish stance in the near future.
Strong upside for FLOKI
FLOKI has showcased two notable bullish patterns on its charts. Initially, a bullish triangle pattern formed with clear diagonal resistance and support lines.
Additionally, a consolidation channel has developed within this triangle, further emphasizing the bullish sentiment.
Currently, FLOKI has successfully broken out from both the bullish triangle and the consolidation channel, underscoring the strength of the current market momentum.
Should the bullish momentum be sustained, FLOKI could pursue its next potential targets.
The immediate target is the midpoint of the bullish triangle at 0.00016475, with the channel’s peak at 0.00021116 soon after, marking the highs reached in August and July, respectively.
Source: TradingView
If momentum wanes, however, the price could retreat to the base support level at 0.00011573 and possibly further to 0.00009585.
FLOKI sees increased capital inflow
As of this writing, the Relative Strength Index (RSI) for FLOKI stood at 56.71, indicating a steady upward trend.
This continuous growth suggested that traders were actively buying FLOKI, which is likely to propel further price momentum and sustain the upward trend over time.
Additionally, the Money Flow Index (MFI) has been on the rise since the 17th of September, signaling a significant influx of funds into FLOKI. This increase contributes to a positive, bullish outlook for the asset.
Source: TradingView
The Money Flow Index is a momentum indicator that tracks the flow of money into and out of an asset over a specified period, helping to assess the buying and selling pressure.
Traders remain active with FLOKI
According to Santiment, the number of active addresses interacting with FLOKI has been notably high, indicating sustained trader engagement with the cryptocurrency.
Source: Santiment
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
When such activity grows alongside rising prices, it sends a strong bullish signal for the asset. This trend suggests that FLOKI may continue to ascend as more trading sessions unfold.
Overall, this growing momentum at the peak will cause FLOKI to trade at its highest target in sight at precisely $0.00020994.
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