• 30 May, 2024
Market News Markets

Floki Inu Eyes New Resistance Levels Amid Bullish Momentum

Floki Inu (FLOKI) is approaching a key resistance level, as CryptoJack noted in his recent X post. He indicated that the cryptocurrency is on its way to the target he identified last week. Upon reaching the red rectangle, CryptoJack plans to close part of his long position. This development is crucial for traders monitoring FLOKI’s performance.

Analyzing CryptoJack’s FLOKI/USDT chart shows a descending triangle pattern in the daily timeframe. This pattern includes a downward-sloping upper trendline and a relatively flat lower trendline. The price recently broke out above the upper trendline, signaling a bullish move.

Moreover, following the breach of the upper trendline, a green candle appeared, confirming buying pressure. The breakout occurred at approximately $0.00018500, with the current trading price at around $0.000217. The next resistance level is around $0.00026000, marked by a red horizontal line, previously a support level.

Before the breakout, FLOKI’s price consolidated within the triangle pattern. After breaking out, the price action shows a bullish trend with higher highs and lower lows. The blue arrow on the chart suggests further surging movement, indicating continued bullish momentum. Immediate support is at the breakout point around $0.00018500, with stronger support at the triangle’s lower end around $0.00014000.

As earlier reported by CryptoTale, Crypto Faibik, an analyst, noted that FLOKI is showing signs of a bullish breakout on the daily chart. The analyst furthermore forecasted a potential 180-200% increase in the midterm. Investors are keenly watching these developments, anticipating substantial gains.

In other news, Floki Inu announced its listing on Revolut Business. As stated in their X post, Revolut, Europe’s largest neobank and retail trading app with over 40 million users across 150 countries, now supports FLOKI. This listing simplifies FLOKI purchases for businesses across Europe and accelerates Floki Inu’s vision of becoming a widely recognized and used cryptocurrency.

FLOKI’s breakout and listing on Revolut mark crucial milestones in its journey. The bullish trend and increased adoption suggest potential growth, making it a crypto asset to watch.

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