- 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.
Read more: Top 3 altcoins to buy for next alt season: PEPE, OP, BNB
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.
Recommended Content
Editors’ Picks
Turn off Solana and win $400,000 - Solana Foundation executive announces offer
Solana has been touted as an Ethereum killer, but as with every blockchain in the crypto market, the network does not come without its fair share of issues. While many who get hacked or exploited deal with the issues after the fact, Solana intends to get a step ahead by making a very lucrative offer to white hat hackers.
Grayscale vs. SEC deadline: Commission faces a midnight Friday deadline to challenge August 29 loss
Grayscale Investments secured a resounding victory in its longstanding case against the US Securities and Exchange Commission in late August. The lawsuit started in October after the firm approached the D.C. Circuit Court pushing to have its Bitcoin Trust converted to an Exchange-traded fund.
Loom Network price hits strong weekly resistance after 32% surge as LOOM ranks high on Korea’s Upbit
Loom Network token is highly bullish, passing as a rather lucrative investment for scalping traders, buying and selling the asset within a short period to make small profits.
Voyager founder charged by CFTC for fraud and by FTC for misleading investors that lost $1 billion
Voyager was among the first crypto companies to collapse and file for bankruptcy in 2022. While the platform has been making efforts to return its customers' assets since then, it looks like the regulatory bodies are not willing to be patient.
Bitcoin: Can BTC bears challenge crypto’s 2023 bull rally?
Bitcoin (BTC) price is at a critical juncture in the weekly time frame, where bulls and bears are battling for control. However, a multi-time-frame analysis shows that BTC is bullish daily and is likely to rally higher.