- Floki broke the important resistance after completing a symmetrical retest, which strengthened the bullish trend.
- The technical analysis and theory of the Elliott Wave suggest further upside down, which targets a 2.618 fibonacci extension.
Floki Inu, a meme coin built at the Ethereum and Binance Smart Chain Blockchain, recorded a healthy motion for the last 24 hours. According to market data, Floki opened its day at the Asian trading session with a price value of $ 0.00008287. In this positive start today, this digital asset continued its upward trend, noting an 8.77% price climb. This upbringing motivates many market analysts to weigh if the current trend continues or a reversal will start.
Floki destroys important resistance after symmetrical retest
According to the World of Charts review, Floki continued to comply with the expected technical pattern after completing a symmetrical triangle retist. The Retest opens as expected, creating momentum for the token to approach a major resistance zone. Floki cryptocurrency shows regular development in its price movement, which has led to the recent success of an important point of resistance.
A closer view of the charts shows that after the symmetrical support and resistance zones have been promoted, there is an upward transition to the purchase of Floki. This technical confirmation favors bullish sentiments towards the movement of the asset price.
Destruction of the newly determined important resistance creates possibilities for further upside down. Technical analysis suggests a potential movement of 2x if momentum continues beyond the breakout point.
The theory of Elliott Wave still supports the bullish trend
To further support the expected revolt in Floki, another review prepared by Vuori Trading Hints in a bullish takeover. According to the analyst, Floki has shown an ascending price support since early 2022, forming a still -higher lows in many phases.
The theory of the Elliott Wave showed a completed five-wave impulse followed by a three-wave corrective pattern of ABC. However, the wave (C) ends near the trendline, aligned with the 0.382 fibonacci retracement, indicating a potential continuity upward.
The next impulse wave is turned on with five subwaves, targeting the 2.618 Fibonacci Extension near $ 0.00315242. The change of the market shows the wave development (1) which may lead to wave correction (2) and further forward development. The RSI index shows the market's fresh strength, leading to price recovery and suggesting future price growth.
The current movement of the market is disclosed
Examining the current price trend at the time of the press based on CoinMarketCap information, Floki traded at $ 0.00008528 after a 1-day walking 8.77% while the market cap reached $ 820.9m over the same period.
Daily trade volume advanced 135.79%, up to $ 221.15 million, showing stronger market activity because fully melted appreciation (FDV) was at $ 823.99 million while the 24-hour volume-marketing cap ratio was 26.8%.
Price movement shows the initial trading of sideways near $ 0.00007836 before a sharp rally starts at night. Price went up, comparing above $ 0.00009000 in the morning hours. Followed a gentle correction, with prices stabilizing slightly below the climax, which maintains the upper strength above $ 0.00008500.
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