Floki Price Triggered a Breakout After Correction: Shoot Up Soon?

• The trading volume has jumped by 300% in the last 24 hours.
• The Floki Inu price has increased by 30% in the past 2 days, indicating the buyers’ involvement.

The Floki Inu crypto price has performed positively for the last few years. The price has gained about 465% YTD. It reached an all-time high in the second week of March and saw a small profit. After strong buying momentum, the FLOKI price started declining by forming lower lows and lower highs. 

After the correction phase, the price triggered a breakout, and the trading volume surged by 250% in the past 24 hours. The sudden positive change in trading volume during the breakout can attract buyers.

At press time, the Floki Inu price traded at $0.000199, with an intraday gain of 8.90%. The market capitalization is $1.90 Billion, and the fully diluted market cap is $1.94 Billion. The trading volume is $806.26 Million, and according to the trading volume, it ranks 19th in the cryptocurrency market.

Trading Volume Has Surged by 300% in a Few Hours

Based on the given data, the trading volume in Floki Inu crypto has jumped by 300% in the past few hours at the time of writing. Since March, the trading volume has dropped from $2.80 Billion to $800 Million, impacting the price negatively. 

However, the recent positive change in volume has led the price to bullish momentum. Suppose the trading volume is sustained, and then a bullish momentum for the long term can be expected.

New DAO Proposal: Burn 15,246,000,000 Floki Token

NEW DAO PROPOSAL: BURN 15,246,000,000 $FLOKI TOKENS

A new Floki DAO proposal just went live on whether or not to burn 15,246,000,000 $FLOKI tokens.

Please read the proposal and vote here https://t.co/UVzQdYQUpu pic.twitter.com/j1mi6XrVZ0

— FLOKI (@RealFlokiInu) May 13, 2024

According to this source on ‘X’ formerly called Twitter, a proposal to burn 15,246,000,000 Floki was received. 

Floki Price Has Formed a Symmetric Triangle Pattern on a 1-D Time Frame

According to the technical chart, the Floki crypto price has formed a symmetric triangle pattern daily. The price has triggered a breakout from the symmetric triangle with trading volume.

Suppose the trading volume remains stable, and then buyers may become confident. Buyers may lift the price to a new all-time high if the chart structure attracts investors.

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On the other hand, if the Floki Inu crypto price fails to sustain and turns into a fake breakout, buyers may get trapped and face stop loss. Selling pressure can be seen if the price slips below the 20-day EMA.

The technical indicators suggest the Floki price is trading far over the key moving averages. MACD has formed green histograms, and the Signal line has advanced to Zero. Moreover, the technical indicators showcased bullish momentum.

Conclusion

Based on the recent surge in trading volume and the breakout from the symmetric triangle pattern, Floki Inu‘s price seems to have the potential for bullish momentum. 

However, it’s essential to closely monitor the trading volume to ensure the sustainability of this momentum. 

Additionally, the proposal to burn a significant amount of Floki tokens could also impact the price in the future, so it’s worth keeping an eye on that development as well. Overall, the technical indicators are currently signaling bullish momentum.

Technical Levels

Resistance: $0.000200 & $0.000300

Support: $0.0000150 & $0.000115

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.