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FLOKI Rockets Into Top 100 With 130% Weekly Price Gain – Is Meme Coin Season Underway?

2 mins
Updated by Ryan James
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In Brief

  • The FLOKI price has increased rapidly since October 20. The upward movement took it to 89 in top 100 coins.
  • The daily timeframe price action and Elliott Wave count both support the continuing of the ongoing increase.
  • Despite the bullish FLOKI price prediction, a close below the $0.000029 support can lead to a 55% price drop.
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The FLOKI price has increased swiftly since October 20, culminating with a high of $0.000042 today.

The upward movement has taken FLOKI to the top 100 coins ranked by market capitalization, leading to a massive increase in daily trading volume.

FLOKI Price Accelerates Rate of Increase in October

FLOKI broke out from a descending resistance trendline on September 26 and has increased since. Before the breakout, the trendline had been in place since February. 

The FLOKI price accelerated its rate of increase on October 20 and reached a high of $0.000042 seven days later. During the upward movement, FLOKI reclaimed the $0.000029 horizontal area. 

The breakout was noted by cryptocurrency trader Crypto Tony, who believes the area is crucial for the future trend.

FLOKI Price Breakout
FLOKI/USDT Daily Chart. Source: TradingView

The rate of increase has been eerily similar to that of PEPE (orange), which increased at a faster rate in May but has now cooled off.

Social Data Shows Increased Interest

The social data for FLOKI shows a renewed interest in the coin (orange), which has gone hand in hand with the ongoing price increase.

Additionally, trading volume has reached 337 million, more than that of Shiba Inu (SHIB), which has a 24-hour trading volume of $260 million.

FLOKI Social Data
Floki Chart. Source: Santiment

The ongoing FLOKI price increase has led to a 389 million market capitalization, placing it in the top 100 at number 89.

FLOKI Price Prediction: How Long Will Increase Continue?

Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.

The most likely wave count is bullish. It suggests that the FLOKI price is nearing the top of wave three in a five-wave upward movement (black).

Due to the long upper wick (red icon), it is possible that the price will soon reach a local top and correct in wave four. The correction could end near the 0.382 Fib retracement support level at $0.000032.

Afterward, the fifth and final wave can take the price to the next resistance at $0.000048, a 25% price increase from the current level and a 50% increase from the 0.382 Fib support.

FLOKI Price Prediction
FLOKI/USDT Six-Hour Chart. Source: TradingView

Despite this bullish FLOKI price prediction, a close below the $0.000029 horizontal area will invalidate the bullish count.

In that case, a 55% drop to the closest support at $0.000018 will be likely.

For BeInCryptos latest crypto market analysis, click here.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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