Could A 96% Surge Be Next?

Of late, Floki has been in the headlines, with investors apparently mixing this frenzy with a mix of technical analysis and improving on-chain data.

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Floki, a meme coin named after Elon Musk’s Shiba Inu dog, is making waves within the crypto market. According to analysts such as CryptoAnalystHub and Javon Marks, this token is predicted to see colossal gains.

But is this meme coin really due for major upside price action, or are hype and expectations running ahead of the fundamentals?

On Falling Wedges And Potential Breakouts

CryptoAnalystHub, a prominent analyst on social media, has successfully plotted a Bullish Falling Wedge in Floki’s price chart. This is generally indicative of the possibility of a price reversal, according to the respective technical indication.

$FLOKI 🔥🚀

Update:(Formation of a Bullish Falling Wedge pattern is done )✅
Breakout is also happens, Expected move for short term buyers is 90-100% soon💰🎯#FLOKI #FLOKIUSDT #FLOKIBTC #SIGNALS #ALTSEASON #ALTCOINS #USDT$DOGS $REI $NULS $PDA $PHA $VIDT $HARD $DCR $FLUX… pic.twitter.com/ELtuhsTnks

— CryptoAnalystHub (@Analysts_Hub) August 27, 2024

In other words, the pattern signals that the recent downtrend for Floki might be at its last stage, thus giving way to an upward rally.

The Falling Wedge, characterized by two converging trendlines with a downward slope, has served to squeeze Floki’s price action between the lines and has printed a series of lower highs and lower lows.

According to CryptoAnalystHub, a breakout above the upper trendline has already occurred, which would mean that Floki is at the cusp of a major bullish phase.

However, the analyst explains that if Floki is to sustain an uptrend, it needs to be able to push above pivotal resistance areas around $0.00021176 and $0.00027969.

These have been resistive zones showing renewed selling pressure in the past and, thus, are crucial for the digital asset to break through.

Keeping An Eye On Floki

Adding to the bullish sentiment, crypto analyst Javon Marks recently flagged Floki as one to watch. On X, Marks projected over 96% gains in store for Floki once a Hidden Bull Divergence has been confirmed.

He noted that a break above $0.0002761498 would unlock the door for even healthier gains, pointing to the next key level at $0.0005467298 – a further upside of 90% from this point, further building on the optimistic…