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FLOKI Price Leads Daily Gainers With 20% Increase – How Long Until a New All-Time High?

Last Updated May 27, 2024 2:11 PM
Valdrin Tahiri
Last Updated May 27, 2024 2:11 PM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • The FLOKI price has increased by 20% on May 27, and trades 12% below its all-time high.
  • FLOKI broke out from the final Fibonacci and horizontal resistance area before its all-time high.
  • When will FLOKI reach a new all-time high, and how long will it continue increasing after it does?

FLOKI has been the best performing cryptocurrency on May 27, rising a little more than 20%. The price is following PEPE’s lead, which has been the best performing asset in May and reached a new all-time high today.

The FLOKI price has often followed that of PEPE, leading to the possibility that it could also reach a new all-time high and increase parabolically afterward.

FLOKI Clears Final Resistance

The FLOKI price has increased since April 13. It broke out from a descending resistance trend line on May 4 and validated it as support on May 13 (green icon). It has increased at a fast pace since.

On May 27, FLOKI moved above the 0.618 Fibonacci retracement resistance level at $0.000236 and the $0.000275 horizontal resistance area. This is the final resistance before the price reaches a new all-time high.

FLOKI Price Breakout
FLOKI/USDT Daily Chart | Credit: TradingView

The daily RSI and MACD support the breakout. The indicators are trending upward, the RSI just crossed above 70 and the MACD is positive. These are all signs of a bullish trend.

On top of the positive price action, there were positive FLOKI news today. The team noted this week promises to be intriguing, with a major announcement expected today and the listing on Coinbase Futures on May 30. The team hasn’t disclosed the details of the announcement yet.

Nevertheless, the price action implies FLOKI is well suited to resume its increase toward a new all-time high.

FLOKI Price Prediction: What’s Next After All-Time High?

Similarly to the price action and indicator readings, the wave count suggests FLOKI will reach a new all-time high soon. The most likely count suggest FLOKI is in the fifth and final wave of its upward movement (white) which started in October 2023.

The first target for the top of this increase is at $0.0000439. The 1.61 external retracement of wave four creates this target. FLOKI  has to increase by another 60% to reach it. If wave five extends, the next possible target will be at $0.000648. The target is found by giving wave five the same length as waves one and three combined.

FLOKI All-Time High
FLOKI/USDT Daily Chart | Credit: TradingView

Despite the bullish FLOKI price prediction, closing below the short-term ascending support trend line (dashed) will put the count at risk. In that case, FLOKI will deepen its correction toward $0.000110.

FLOKI to Reach a New All-Time High Soon

The price action, indicator readings and wave count all suggest FLOKI is in a bullish trend. The price is likely to reach a new all-time high soon and can increase by at least another 60% once it does. This bullish price prediction will be at risk is FLOKI closes below its short-term ascending support trend line.

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