Over the last 24 hours, the price of Floki Inu has resiliently regained its valor, indicating optimism from traders to add value higher. Prices shot back up from a previous dip of around $0.0001688 to hit highs of around $0.000175 before now consolidating into a moderate uptrend at about $0.0001703. Such a strong recovery marks a clear shift from the previous bear phase and points to renewed investor interest in the confidence and token.
The critical index of market participation—the 15.51% surge in the volume of trading during the recovery phase—substantiates the bullish sentiment with heightened volume, meaning there is a show of intense buying pressure that moves the price higher. Such improvement in volume accompanies increased investor confidence, indicating that recent price changes are substantiated by considerable trading activity, thus cementing the probability for a possible sustainable uptrend.
After the initial spike, FLOKI's price experienced fluctuations, forming high peaks before consolidating around $0.000173. This is a typical pattern after such volatility, whereby the market consolidates for the next move.
The chart reveals the falling wedge formation between June 14 and June 24, with the two converging trend lines and the upper line having a steeper angle than the bottom line. The price broke through the upper line of resistance around June 24, suggesting a possible change of the earlier downtrend. This pattern is typically viewed as a bullish reversal signal and, therefore, holds that the price of FLOKI still has the potential to go higher.
Indicative of this view is the MACD indicator, where the MACD line has just crossed above the signal line from within the falling wedge formation. The histogram has also turned from negative to positive values, which confirms the increased bullish momentum. All these factors sum up and confirm the likelihood of continuation to the upside in the immediate term.
Currently standing at 50, the RSI moved up from a low of 48.95 on June 17. An upward trajectory of the RSI towards and above the midline (50) is a signal of growing buying pressure. The current RSI level would suggest that the asset is neither overbought nor oversold, thus allowing for further upward movement with no immediate concerns of overextension.
In case of a breakout, the chart suggests an upward target of around $0.0002396850 derived from measuring the back of the wedge or resistance level. The potential price rally has been forecasted by one cryptocurrency analyst, Cryptorphic, who noted that FLOKI has stayed strong around the crucial $0.000155 support level.
He further states that this level of price support may trigger the beginning of a journey by bulls that eventually scale new all-time highs. Recent market trends and the strength in the buying sentiment suggest price recovery, with the first target of around 117.71% from the current price, which could be pushed up to the $0.00032 psychological zone, close to an all-time high of $0.000346