• 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.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin is showing rising correlation with the S&P 500

Bitcoin is showing rising correlation with the S&P 500

Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.

More Bitcoin News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

More Ethereum News
Consensys case against SEC over Ethereum dismissed by Texas court

Consensys case against SEC over Ethereum dismissed by Texas court

Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.

More Cryptocurrencies News
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors. 

More Ripple News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP