FLOKI, the meme-inspired cryptocurrency, has defied expectations with a stellar performance over the past month. According to Crypto Raven, a well-known analyst, FLOKI has surged over 120% in the last 30 days, even exceeding its previous all-time high. This remarkable rise has caught the eye of the crypto community, leaving many to wonder whether the upward trend can be maintained.
FLOKI is presently trading around $0.00025, reflecting a modest but steady increase of 2.33% over the past 24 hours. This price movement suggests consolidation around a strong support level, which Crypto Raven believes could act as a launchpad for further gains.
Crypto Raven points to the formation of an upward channel since mid-April. This channel, characterized by progressively higher and lower highs, hints at a bullish trend. The recent price pullback finds FLOKI at the lower boundary of this channel, coinciding with the support level.
Adding to the bullish sentiment, the MACD (Moving Average Convergence Divergence) indicator suggests a potential bullish crossover, where the MACD line could cross above the signal line. This is typically seen as a bullish sign, hinting that the upward price movement could persist.
Crypto Raven asserts that FLOKI is currently at an ideal support level that could be used as a potential springboard for the next major price hike. With the current growth trends, Crypto Raven anticipates that FLOKI will kick out another zero, implying a significant increase in its price in the next months.
Floki Consolidation Phase Signals Imminent Breakout
Another prominent crypto analyst, CryptoJelleNL, shares the bullish outlook and offers a bit of a different perspective. Jelle recognizes that FLOKI has recently returned to its all-time highs, but it is currently in a phase of consolidation slightly below the strong resistance level. Analyst illustrates on the chart a consolidation phase that visually represents a break from a downtrend and a subsequent surge to the previous highs.
CryptoJelleNL anticipates that FLOKI will likely continue consolidating in this zone for a while longer before attempting to reach new all-time highs. This period of consolidation is seen as a necessary procedure for building momentum. Investors and traders are advised to be patient as they wait for the next potential breakout.
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