With the trading volume of the token showing strong breakout levels, the price followed suit, breaking through a long-standing descending wedge pattern. Technical analysts are now indicating that this breakout could signify the beginning of a broader upward move, with forecasts suggesting a potential increase of nearly 200% from current levels.
Patterns and technical indicators support the bullish structure.
The FLOKI token has broken the descending wedge pattern that has been in place since late 2023. This structure is typically seen before a reversal and the current breakout has been supported by consistently higher highs and lows on the chart.
Source: Zayk Charts(X)
The asset recently tested the level of $0.00007500, which was previously a resistance and has now turned into a confirmed support area. Short-term charts also show that the FLOKI token is trading within an ascending channel, indicating continued upward momentum. The Relative Strength Index (RSI) remains at 70.86, indicating an overbought condition, but it still aligns with strong buying pressure. The MACD indicator has shown a positive crossover, supporting the upward trend.
https://twitter.com/JavonTM1/status/1917694689639293074
Trading volume has remained strong, with over 420 billion FLOKI units traded in the past twenty-four hours. Analysts have linked this activity to whale accumulation and institutional interest, as highlighted by data shared by several cryptocurrency analysts on platform X.
Whale activity and upcoming catalysts drive sentiment.
According to IntoTheBlock on-chain data, major FLOKI holders own 87% of the total supply, reflecting a high concentration. This significant dominance often indicates strong support but also introduces higher volatility. The total transactions of these holders amounted to $18.78 million over the past week, which analysts consider a sign of liquidity accumulation.
The anticipated launch of the Floki ETP platform on a major European stock exchange and the launch of the Valhalla metaverse game on the mainnet contribute to market optimism. Analysts expect the price to trend towards $0.00027 by the end of May 2025 if the current momentum continues.
A post titled 'FLOKI Breaks the Descending Wedge' was published alongside whale activity that raises positive expectations on 'Crypto Front News'. Visit our website to read more interesting articles about cryptocurrencies, blockchain technology, and digital assets.
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