Will FLOKI Follow BONK To New Highs? | Credit: Hameem Sarwar
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Key Takeaways
FLOKI broke out from a long-term descending resistance trend line.
FLOKI has a fractal similar to BONK before the latter broke out.
Will FLOKI’s price movement evolve similarly, leading to a breakout?
The crypto market finally found its footing on June 22, snapping a month-long slide. However, while Bitcoin (BTC) limps sideways, memecoins are stealing the show again.
Leading the charge is BONK, which skyrocketed 70% this week. Now, technical analysts are spotting an eerily similar setup forming in FLOKI’s chart, which mirrors BONK’s breakout almost step-for-step.
Is FLOKI gearing up for a massive breakout? Let’s find out.
FLOKI Price Analysis
FLOKI has been climbing steadily since early April, hitting a local high of $0.000123 in May.
However, that momentum hit a wall. The FLOKI price failed to break through a tough resistance zone around $0.000110, where a horizontal resistance met a long-term descending trendline (see black circle).
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That rejection triggered a six-week losing streak, with red candles dominating the chart.
Now, though, FLOKI is showing signs of life again. After bottoming out, the price has bounced back over the last two weeks, successfully breaking above the descending trendline that capped its earlier rally.
Momentum indicators are starting to lean bullish. The Relative Strength Index (RSI) is rising, and the MACD is beginning to shift upward.
Unlike the weekly chart, the daily technical indicators are bullish. The RSI and MACD have crossed above 50 and 0, respectively, confirming that the upward trend has started.
An extremely bullish formation is playing out in the six-hour time frame. FLOKI completed a running flat correction inside an ascending parallel channel and broke out.
The formation is created by an A-B-C structure where wave C ends above the termination point of wave A.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
