FLOKI is making significant strides towards its targets, boasting a remarkable profit of over 30% so far, as per crypto analyst World Of Charts’ analysis. According to the chart analysis, Floki has been trading on a symmetrical triangle pattern formed by converging trend lines. This pattern, typically indicated by the consolidation phase, has, however, broken out on the upper side.
FLOKI surged initially, reaching a peak in early March. This was followed by a consolidation phase within the symmetrical triangle pattern. This phase suggests market indecision, with neither buyers nor sellers taking control.
Recently, the price broke out above the upper trend line of the triangle, signaling a bullish breakout. This breakout is confirmed by a substantial increase in trading volume, reinforcing the strength of this bullish move. The primary support level is located at the lower trend line of the symmetrical triangle, around $0.0001900.
This level has been tested multiple times and has provided a strong base for the price. Another key support zone is around $0.0001500, aligning with previous price lows before the triangle formation. This level acts as significant support, reinforcing the lower boundary of the pattern.
The primary resistance level is marked at the recent breakout point, around $0.0002500. The price has successfully breached this level, indicating a potential continuation of the bullish trend. The next significant resistance level is around $0.0003500, representing a 150% increase from the breakout point.
However, today, the Floki DAO is expected to burn 15,246,000,000 FLOKI tokens. This decision was overwhelmingly supported by 99.84% of the DAO members. This massive token burn is expected to impact the token’s price dynamics significantly.
As of press time, FLOKI is trading at $0.0002201, recording a decline of 0.57% in the past 24 hours. Over the past month, FLOKI has showcased a bullish outlook, surging by over 25% amid the recent market fluctuations. The market cap stands at $2 billion, while the trading volume has seen a significant increase of 70% at $819 million.
