Floki Inu (FLOKI) Price Forms Bullish Pattern, Eyes 1,150% Rally
- PHPzOriginal
- 2024-07-02 02:19:431026browse
The Floki Inu price experienced significant volatility recently, prompting a renewed focus on security within its community.
Floki Inu (CRYPTO: FLOKI) price experienced a recent uptick, prompting traders to identify a bullish technical setup forming on the 4-hour price chart.
What Happened: A bull flag pattern emerged on the FLOKI 4-hour chart, a technical formation that usually bodes well for the token’s price.
The pattern begins with a steep price rally, forming the flag pole, followed by a period of consolidation, which creates the flag of the pattern.
During the consolidation phase, buying pressure persists despite the initial strong rally, which tends to create a holding pattern.
When the price breaks out from the consolidation zone, it typically signals another significant uptrend.
Adding the length of the flag pole to the breakout price level projects the breakout’s price target.
In the case of FLOKI, if the token confirms the bullish technical pattern, it could rally over 1,150% to reach the pattern’s theoretical price target near $0.0021.
It is important to note that memecoins are known for their erratic price movements and may not always follow traditional technical analysis principles.
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