Floki Inu Price Forecast: FLOKI sets stage for 30% rally

Floki Inu price rallied nearly 20% on September 30 but closed the candlestick with a 12% gain.
The recent uptick opens the possibility of a 30% rally for FLOKI holders.
A daily candlestick close below the $0.0000160 level would invalidate the bullish thesis.

Floki Inu (FLOKI) price has triggered a quick but explosive uptrend in the last 24 hours. The uptrend has pushed the meme coin above a key hurdle and could assist FLOKI bulls in reversing the downtrend.

Also read: Floki Inu price jumps 25%, as network kills “co-founder” narrative used to push shitcoins

Floki Inu price needs to sustain

Floki Inu price rallied 20% on September 30 and set up a swing high at $0.000196. But profit-taking caused the altcoin to close at $0.000164, which is roughly 6% lower from the recently set up swing high.

Regardless of its daily candlestick close, Floki Inu price sits at a very bullish point. The breakout rally ended the September consolidation phase and also pushed both the Relative Strength Index (RSI) and Awesome Oscillator (AO) to flip above the respective mean levels.

If buyers can maintain their stances and holders can refrain from booking profits, the uptick in bullish momentum could extend, pushing Floki Inu price to the next target at $0.00000233. This move would constitute nearly a 30% gain and is likely where a short-term local top could form.

Also read: Shiba Inu downtrend continues, sending 97.4% of SHIB holders underwater

FLOKI/USDT 1-day chart

On the contrary, if the recent Floki Inu price rally was a pump and dump, then the likely direction the meme coin will head next is south. In such a case, if FLOKI produces a daily candlestick close below the $0.0000160 level, it would invalidate the bullish thesis.

This move could also attract sidelined sellers and potentially trigger a 5% correction below the swing lows formed after September 11.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram