Socials Are Positive For Floki, Could Its Price Skyrocket Soon?

The Floki Inu price between the bulls and bears was intense throughout the chart. Since its April 13 low of $0.00011000, the price has been riding an uptrend-based trendline, and gradually, bulls are getting traction and may reach higher levels.

Moreover, a profile named crypto Scofield on the X platform highlighted important aspects and predicted this could be a big week for Floki Inu. 

Scofield stated key catalysts for the uptrend rally in meme coin, such as the ETH ETF decision on May 23rd and the Floki token burn on May 22nd, are also around the corner.

Optimism Spread By Analyst On X!

According to a crypto investor and trader named “Rise to The Moon” on X tweeted that a leading American investment management organization and BTC ETF provider VanEck has added FLOKI to its meme-coin index. 

He further stated that he added approximately $100 Billion of assets. That proves to be optimistic news for FLOKi as it leads to a bigger exposure to financial institutions, which could work greatly in solidifying the assets.

Another individual on X named Lovrincrypto tweeted positively about the importance of strong community projects as good investment choices, stating that projects with a dead community should be avoided. 

In the tweet, Floki, DOGE, and SHIB were mentioned as examples of community-oriented cryptocurrencies.

Floki Inu Climbing On A Ladder, Would It Keep On Riding Higher?

The Floki crypto rose massively during the start of March 2024 and reached a peak of $0.00030000 by March 11th, 2024. In a matter of days, the price evolved with massive gains. However, it failed to sustain its gains and deteriorated in a wedge until it returned to its prior best support at $0.00011000.

However, the Floki Inu crypto has demonstrated a rebound as the price surged from a critical formed support level of around $0.00011000 on the chart by April 13th. The price showed the failure of bears, and bull pressure started to rise, which led its price to break out from the wedge.

At press time, the crypto is trading at $0.0001976 with an intraday gains of 2.50%. The Floki crypto appears primed for a phenomenal rally amid positivity spread by various personalities on social platforms. Hence, if it accumulates sufficient buying power, it could even break the resistance level of $0.00030000 and zoom to new highs above this resistance.

Similarly, indicator-wise, the asset demonstrates bullishness as it is above 50-day and 200-day EMAs. Likewise, MACD shows a bullish cross above the zero line at 0.00000680 and the RSI flashing at 55.98.

On the contrary, if the FLOKI declines and breaks the previous swing low of $0.00015850, the breakout could fail, and the pattern will lose its significance and become invalid. With this failure in this situation, buyers could be paralyzed, causing them to decline towards lower support.

Summary

The Floki Inu price has been on an uptrend since April 13, with potential for higher levels. Meanwhile, catalysts such as the ETH ETF decision, Floki token burn, and upcoming announcements could contribute significantly to the uptrend.

Additionally, Floki has been added to a meme-coin index by a leading American investment management organization, potentially leading to bigger exposure to financial institutions.

The price of Floki crypto is currently at $0.0001976, showing bullish indicators and a potential for a phenomenal rally if sufficient buying power is accumulated. However, a decline and break of the previous swing low could invalidate the pattern and lead to a decline toward lower support levels.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.