FLOKI price prediction: Will the memecoin follow PEPE to new ATHs?

  • FLOKI could front a 24% breakout if it follows PEPE’s move. 
  • Whales added more FLOKI positions and could boost breakout odds. 

As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I find the recent developments surrounding Floki (FLOKI) quite intriguing. The parallels drawn between FLOKI and Pepe (PEPE), another memecoin that has seen impressive growth, are not lost on me.

Over the past weekend, meme coins regained popularity. Notably, PEPE led the way in a strong surge towards a new record high (ATH), raising questions about whether FLOKI might follow suit with a similar price jump.

Over the past few months since November, both meme coins have shown a bullish flag formation, sparking speculation about whether Shiba Inu (FLOKI) could potentially break out from this pattern.

Floki price prediction

In November, FLOKI experienced a surge that enabled it to overcome the barrier at $0.0002 in the second half of 2024. Subsequently, this level has served as a significant point of return for bullish investors, potentially setting the stage for FLOKI’s imminent breakout.

If the memecoin surges past the 78.6% Fibonacci Retracement level at $0.00027, it might reach its projected peak from 2024, approximately $0.00035.

Looking at the situation over a brief timeframe, the potential near-term peak was estimated to be around $0.00033, given the structure of the channel formation.

However, a breach below the channel would invalidate the bullish outlook and drag FLOKI lower to the bearish target of $0.00014. 

As a crypto investor, I found it noteworthy that the technical indicators on the 3-day chart were displaying bullish signs. The Stochastic RSI showed robust price momentum, and the Capital Moving Average suggested strong capital inflows. Given these bullish readings, the likelihood of a bullish projection seemed higher compared to a bearish scenario.

Whales make a move

A significant bullish factor could be the growing demand from large investors, or ‘whales.’ Over the weekend, these whale wallets holding more than a trillion FLOKI tokens expanded their holdings from 78.5 billion to 80.4 billion. This represents an additional 1.9 billion tokens amassed in just two days.

Realistic or not, here’s FLOKI’s market cap in BTC’s terms

This suggested that some large players expected an extra FLOKI rally, perhaps a bullish breakout.

If the upcoming move aligns with PEPE’s typical pattern, there might be a 20% possible increase. But if it falls below $0.00020, the optimistic forecast could be called into question.

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2024-12-09 15:03