• Floki Inu price up over 225% during the week and looks to extend those gains.
  • Despite the limited trading history and price data, Point and Figure charting provides precise analysis for trading opportunities.
  • Bear trap pattern could develop and rally prices even higher.

Floki Inu price action, while limited in its history, shows interest by speculators. It is very likely that the cousin to Floki Inu – Shiba Inu – could suffer some deeper moves south if capital leaves that cryptocurrency for new FOMO opportunities in Floki Inu. Trade opportunities exist on both sides of the market.

Floki Inu price looks for another massive rally, stealing other memecoin momentum

Floki Inu price has two trade opportunities ahead. On the long side of the market, the entry would be on a retest of the prior bull market trend line. The theoretical long entry would be a buy limit order at $0.00033, a stop loss at $0.00030 and a profit target at the 100% Fibonacci expansion level of $0.00043. A two to three-box trailing stop would help protect any implied profits generated post entry.

FLOKI/USDT 0.00001/3-box Reversal Point and Figure Chart

The hypothetical long entry idea is invalidated if the short idea below is triggered.

On the short side of the market, specific caveats must be observed. The Floki Inu price short idea is a sell stop order at $0.00027, a stop loss at $0.00031, and a projected profit target at $0.00013. The caveat is the requirement of Bull Trap or Bullish Fakeout. A Bullish Fakeout (currently in development) is one X above the double-top while a Bearish Fakeout is two Xs above the double-top. A two to three-box trailing stop would help protect any implied profits generated post entry.

FLOKI/USDT $0.00001/3-box Reversal Point and Figure Chart

The hypothetical short entry idea is invalidated if the current X-column moves above $0.00035.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Decentraland price to double as MANA enters buy zone

Decentraland price correction nears an end as it approaches the buy zone, extending from $3.11 to $3.64. A dip into this area will likely reverse the downtrend and trigger a 107% upswing to $7.50. A breakdown of the range low at $2.46 will invalidate the bullish thesis.

More Decentraland News

Three reasons why Ethereum price is on the brink of breakout to new all-time high

ETH is inching closer to the “merge,” or the transition from “proof-of-work” to “proof-of-stake,” and developers have invited the community to contribute. ETH is closest to its previous all-time high, awaiting a trigger to break into a price tally. 

More Ethereum News

Dogecoin price forms triple bottom with DOGE targeting $0.30

A brief technical and on-chain analysis on Dogecoin price. Here, FXStreet's analysts evaluate how DOGE might be ready to bounce.

More Dogecoin News

Terra primed for profit-taking following LUNA's all-time high

Terra price looks ready for a minor correction after setting up a new all-time high. The recent rally has pushed LUNA up without a major pullback, making the anticipated retracement highly likely.

More Terra News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!