Floki Inu

The crypto industry has displayed a significant price movement during the past week, as maximum tokens have experienced massive jumps in their value, indicating a strong bullish influence over the market. Further, the FLOKI price has recorded a jump of over 22% within the last 24 hours, making it the top gainer in the industry.

The prime reason for the Floki price jump is assumed to be because of its upcoming project, where the platform will offer a unique staking facility to users and is expected to be launched soon.

The launch will also unveil details about its upcoming sister token, TokenFi, with the ticker symbol as $TOKEN, thus creating hype for this meme token, resulting in a price surge.

Floki Price Analysis
TradingView: FLOKI/USDT

The market has recorded many price dumps for tokens in history during their staking programs, with the latest examples of Ethereum and Chainlink, where the ETH price has experienced a price plunge following the event, and the LINK price has been trading sideways post-event. Will Folki’s price experience the same market trend?

The FLOKI price traded in a closed range between $0.00001629 and $0.00002046 since the start of October. Following the market pump, the price broke out of its resistance level, gained momentum, and made a run to test its upper resistance level of $0.00002698, where the price was rejected.

After that, the price traded close to its upper level for a period. Floki coin then made another attempt and successfully broke out of its level at $0.00002698. Further, the price was seen trading close to the level at $0.00003300 for a day, after which the price regained momentum, broke out of it, and continued to gain value.

But it was rejected at $0.00004001 twice, following which the price has been trading between its support and resistance level of $0.00003305 and $0.00004001 and has formed a rising channel pattern.

The MACD has displayed massive price volatility for a week now, indicating a significant ongoing price action in the market. Further, the chart shows a rising green histogram, suggesting the price to continue gaining value for a period before expecting a price correction.

Will Floki Price Rise In 2023?

Suppose the bulls continue to gain power and break out of the resistance level at $0.00004001. In that case, the memecoin will regain momentum, and the price of Floki will soon experience another price jump and test its upper resistance level of $0.0000430.

Further, if the market gains momentum after the post-staking program, it will continue to rise and make a run to test its resistance level at $0.0000450 in the coming days.

On the negative side, if a trend reversal occurs and the market experiences a dump, the price will lose momentum and fall to test its support level at $0.00003305 soon.

Moreover, if the bulls fail to regain power at that level, it will continue to dip and test its lower support level of $0.00002698 by the weekend and may further fall to its pre-surge levels in the coming week.

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.