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FLOKI: memecoin could soar 200% in the next few days
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Under the influence of the cryptocurrency market rally following the US election results, all altcoins registered a sharp rise. But memecoins appreciated much more intensely, especially FLOKI.
After Donald Trump won the election on November 6, FLOKI’s price jumped from $0.00012 to $0.0001479 and recovered from a sharp drop that occurred the day before. This confirms that the recent rise in memecoin price could trigger a new bull rally.
Interestingly, the dominance of buyers is still active in the cryptocurrency market today as the price of FLOKI is up almost 1% in the last 24 hours. For some analysts, FLOKI could record even greater gains and rise 200% in the coming days.
FLOKI price is slowly building momentum to follow the buying force, recording a 5% increase this week. Memecoin faced two extremes, reaching its lowest value in two months and then beginning a strong upward consolidation.
FLOKI can shoot 200%
According to several traders, FLOKI’s consolidation phase will end with a breakout as it is preparing for another bullish wave, which is consolidating between the Tight Bullish Pennant Range. More importantly, the trend is quite strong for this breakout, which could result in a 200% bullish wave in the coming days.
Meanwhile, the other dog-themed memecoins are already taking the lead, and the coming days could push FLOKI into the race as well. Names like NEIRO, for example, which accumulates gains of 57% in just seven days.
Memecoin has been following a consolidation for weeks and its price is 59% below the all-time high recorded in June. During this period, the price indicated the formation of several symmetrical triangles (streamers), which are the signals of the Tight Bullish Pennant range.
This range covers the same small symmetrical triangle pattern right after the big upward move. More importantly, once the pattern ends, it ends with another bullish rally.
This month-long consolidation occurred after the market left FLOKI aside and went in search of other memecoins. At the same time, the trading volume of this token has decreased, which is also common during pennant formations.
Interestingly, it often leads to a breakout if it moves past the pennant, and the same is the situation now, where a breakout can happen with FLOKI price breaking above it.
FLOKI: memecoin could soar 200% in the next few days
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FLOKI: memecoin could soar 200% in the next few days
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FLOKI: memecoin could soar 200% in the next few days
