Highlights:
- FLOKI is range bound between the $0.000205 resistance and $0.0001105 support
- FLOKI could rally to $0.000205 resistance if bulls rally to $0.00030 short-term
- Rising bullish sentiment around Bitcoin could trigger a FLOKI rally
Floki is one of the cryptos sending bullish signals today. In the last 24 hours, FLOKI has rallied by 5.56% to trade at $0.000152. Trading volumes are also on the rise, standing at $251.48 million at the time of going to press. Floki’s price action is in line with the rising bullish sentiment across the market.
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In the last 24 hours, Bitcoin has rallied from under $67,000 to its current price of $67,800. If the current momentum continues, then altcoins could rally as well, as the likes of FLOKI are showing in intra-day trading.
FLOKI Range Bound But Could Be Headed for a Breakout
From the charts, the odds are high that FLOKI could be headed for a breakout. On the 1-day chart, FLOKI is trading between the $0.00020544 resistance and the $0.000011056 support. This is an indicator that FLOKI is in consolidation and could be headed for a breakout.
If bulls take control and push FLOKI through the $0.000020544 resistance, then a rally could follow, and push FLOKI to a high of $0.0003205. On the other hand, if bears take control and push FLOKI through the $0.00011056 support, then a correction to prices below $0.000010 could follow.
Rising Bitcoin Could Positively Impact FLOKI Price
Of these scenarios, the odds are high that FLOKI could be headed for a rally through the $0.00020544 resistance. That’s because Bitcoin, which is a critical market determinant is currently sending bullish signals. If Bitcoin rallies through $68k and pushes towards $70k, it would indicate to the market that bulls are fully in control. This could see money start flowing more into altcoins, especially meme coins.
FLOKI, being one of the top meme coins in the market today, could benefit immensely from such a Bitcoin price action. This is already evident in the rising FLOKI volumes, an indicator that money could be flowing towards FLOKI and soon the same could be reflected in the price.
FLOKI Has a Low Risk of a Rugpull
At the same time, FLOKI has better fundamentals compared to the average meme coin in the market today. For one, it has been in the market for a while now, and has a tested history, compared to newer meme coins. This can inspire confidence among investors compared to newer meme coins some of which have a likelihood of being rugpulls.
At the same time, FLOKI has deflationary tokenomics. This means the supply will keep going down over time relative to the rising demand. Such supply dynamics could see FLOKI rally to new highs as bulls continue to gain traction across the market.
Bullish Sentiment Rising Around FLOKI
At the same time, sentiment around FLOKI, as measured on many top platforms like CoinMarketCap, is turning bullish. On the CoinMarketCap sentiment tracker, 82% of those polled are bullish on FLOKI. This is a big number compared to the only 18% who are bearish on FLOKI. The same is happening on popular social media platforms like X, where many influencers are increasingly making bullish posts about FLOKI.
Such strong bullish sentiment could help drive bullish sentiment around FLOKI especially as the broader market increasingly turns bullish. According to Seoo Memedi, a crypto analyst on X, FLOKI could be primed for a 20,000 – 30,000% price rally in the upcoming bull run.
#doge did 30'000 % last cycle #floki is coking be ready for the next 20'000-30'000 %
Tik tok ⏰🫵🏼 pic.twitter.com/dfYAe2MGFI
— SeooMemedi🇨🇭🇦🇱 (@SeoMemedi) October 18, 2024
Recap – FLOKI Price Headed for a Breakout
Overall, the odds favor a bullish breakout to $0.00030 for FLOKI in the short term. The broader market is turning bullish, and this is a plus for top meme coins like FLOKI. Then, there is the fact that FLOKI has deflationary tokenomics, which adds to FLOKI’s potential for a price run as the demand starts to outstrip supply. The rising bullish sentiment on social media also adds to FLOKI’s rising bullish sentiment.
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