Jonathan Morgan
Independent Analyst
- 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.
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