Floki Inu (FLOKI), the popular dog-themed memecoin, could be poised for a significant rally after a recent pullback, according to YouTuber and technical analyst Nick of the Cheeky Crypto channel. Nick’s analysis, based on various chart patterns, suggests FLOKI could see gains exceeding 160% and potentially break its current all-time high (ATH).
Five-Wave Pattern on the Weekly Chart
Nick identifies a five-wave uptrend pattern on FLOKI’s weekly chart, suggesting the recent retracement was a natural pause within a broader bullish trend. He points out that FLOKI has already delivered impressive gains exceeding 2,000% since the pattern began in Q4 2023. This year alone, FLOKI has surged over 1,000%, highlighting its potential for explosive growth.
Re-Entry Opportunity and Bullish Indicators
With a current price drop of around 49% (as of Nick’s analysis), Nick sees this as a potential buying opportunity for investors anticipating the next leg up. He predicts this final leg of the five-wave pattern could generate up to 160% in profits.
Nick dives deeper into daily and 4-hour charts to pinpoint specific support levels and potential turning points. The daily stochastic indicator, according to Nick, is nearing a bullish reset, suggesting an imminent upward trend. He further identifies the $0.00015 zone on the 4-hour chart as a crucial support area for FLOKI to launch its next ascent.
Also Read: Meme Coins Make a Meme-orable Comeback: FLOKI Up 300%+, WIF Soars 400%+ in 7 Days!
Early Signs of Recovery?
At the time of writing (based on data from TradingView), FLOKI has already bounced back 60% from its recent low, trading around $0.000245. This price action could be the beginning of the predicted fifth wave, propelling FLOKI towards new highs.
Beyond All-Time Highs
Nick’s analysis goes beyond a mere recovery. He believes FLOKI will not only surpass its current ATH of $0.000313 but also establish a new one around $0.0004. This prediction, if accurate, would represent a significant increase for FLOKI investors.
While Nick’s analysis offers a bullish outlook for FLOKI, it’s crucial to remember that cryptocurrency markets are inherently volatile. Investors should conduct their own research and consider their risk tolerance before making any investment decisions.
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