Floki Inu breaks out taking the lead as Dogecoin and Shiba Inu lag behind
- Floki Inu price takes the initiative and pushes higher.
- Bullish Point and Figure pattern hints at a massive price spike if momentum is maintained.
- Downside risks exist but remain limited compared to its peers.
Floki Inu price is taking the lead against Dogecoin and Shiba Inu. Dogecoin continues to flounder and tread water near the $0.21 value area, with all recent attempts to break higher promptly getting sold-off. Likewise, Shiba Inu faces continued selling pressure and risks a deeper move south.
Floki Inu price spikes more than 15%, continuing a massive six-day rally
Floki Inu price action, when compared to its peers, is the current leader of the meme coin pack. After hitting some recent major low near the $0.0001200 level, it’s experienced a nice rise – one that looks to continue.
On the $0.0000200/3-box Reversal Point and Figure chart, Floki Inu price has developed a double top. Because the prior O-column printed one O below the double-bottom, if Floki Inu prints one more X above the current column, it would confirm a bear trap. However, the recent surge may face a temporary pullback.
FLOKI/USDT $0.00002/3-box Reversal Point and Figure Chart
A theoretical long entry opportunity is a buy stop order at $0.0002400, a stop loss at $0.0001800 and a profit target at $0.0004200. However, there is a caveat to this trade setup. The entry is only valid if there is a triple-top or a split triple-top. A requirement for this trade entry is a new reversal column of Os to form but not move lower than $0.0001000.
The theoretical long entry is invalidated if the new O-column drops to $0.0001000. So instead, Floki Inu price could face a steep 30% drop to test the yearly lows.
Author
Jonathan Morgan
Independent Analyst
Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.
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