📈 $FLOKI price targets 52% surge after retesting key trendline resistance
FLOKI recently broke out of a key trendline resistance and flipped it into support, potentially laying the foundation for an upside rally in the coming weeks.
According to data from crypto.news, FLOKI (FLOKI) surged 40% to a six-month high of $0.000138 on July 17. As of press time, it was trading slightly lower at $0.000129, still up 175% from its year-to-date low recorded in April.
FLOKI’s rally seems to have gained traction after its price broke out of a long-term descending trendline and comple
ted a clean retest on the daily chart. That move, typically seen as a classic bullish breakout, has helped shift market sentiment in favor of the bulls.
The chart shows that FLOKI has been stuck in a downtrend since late 2023, consistently printing lower highs and lower lows. But that trend began to reverse in mid-May when FLOKI started forming higher lows, an early clue that buyers were stepping back in.
The breakout in early July marked a major change in structure, and the successful retest confirmed that the former resistance had now flipped into support.
At the moment, FLOKI is holding firm above the $0.00012 level, comfortably above the trendline it broke out from. That line had capped price action for months, but now appears to be acting as a solid support.
FLOKI also broke out of a descending parallel channel that had been in play since May. It adds more weight to the bullish setup and suggests further upside could be on the cards.
Still, the memecoin is now facing resistance around the 61.8% Fibonacci retracement level at $0.000167. A daily close above this level could open the door to the 78.6% Fib level at $0.000196, which would be roughly 52% higher than the current price level.