FLOKI Inu (FLOKI) Is Experiencing a Bullish Divergence and Could See a 96% Surge

FLOKI has experienced a breakout of a bullish double-bottom price action pattern on a daily time frame. FLOKI's open interest has jumped by 13% in the last 24 hours, indicating growing interest from investors.

Crypto expert highlights FLOKI’s bullish divergence, suggesting a 96% surge

Floki Inu (FLOKI) price action shows a breakout from a bullish double-bottom pattern.

Rising open interest indicates growing investor interest in FLOKI’s upcoming surge.

On August 23, 2024, the popular meme coin Floki Inu (FLOKI) gained notable attention from the crypto community due to the recent bullish breakout and an impressive price surge over the last 24 hours. Amid this bullish outlook, a crypto expert made a post on X (previously Twitter) that FLOKI is experiencing a bullish divergence and could see a 96% surge in the coming days.

FLOKI’s technical analysis reveals a potential 50% surge to the $0.000209 level.

A closer look at FLOKI’s price action on a daily time frame reveals that it’s trading below the 200 Exponential Moving Average (EMA), indicating a bearish trend. However, despite this technicality, a bullish divergence is observed between the price and the Relative Strength Index (RSI). This divergence often precedes a trend reversal, suggesting a potential bullish breakout.

Moreover, a breakout from a bullish double-bottom price action pattern is observed on a daily time frame. Following this breakout, there is a possibility that FLOKI could surge by 50% to reach the $0.000209 level. However, during the upward momentum, it may face resistance near the $0.0001611 level.

At press time, FLOKI is trading around the $0.0001355 level and has seen a price surge of over 7% in the last 24 hours. This surge follows a 20% increase in trading volume during the same period, indicating higher participation from traders following the recent breakout.

Furthermore, the rising open interest in FLOKI suggests growing interest from investors.

Meanwhile, the open interest for FLOKI has jumped by 13% over the last 24 hours, indicating growing interest from investors. This surge in open interest aligns with the recent price increase and could signal further momentum in the upcoming days.

Floki Inu’s recent partnershipfuels its momentum

In addition to the bullish outlook based on price action and technical analysis, another factor boosting FLOKI’s momentum is a partnership announcement made on August 21, 2024.

According to a post on X, Floki has partnered with SimonsCatMeme to reward users who trade the CAT token through the FLOKI Trading Bot.

“1.5% of the CAT supply has been allocated towards this campaign, allowing users who trade the Simon’s Cat token through Floki Trading Bot to earn back their trading fees and potentially more,” the post also stated.

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