Can FLOKI Reach New All-Time High? | Credit: Veronica Cestari
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Key Takeaways
The FLOKI price has climbed more than 30% since yesterday’s local bottom.
It is the best performing asset in a basket of the six biggest memecoins.
Will FLOKI sustain its momentum, emerging as this cycle’s leading memecoin?
The cryptocurrency market is in the midst of a resurgence after a significant drop that started last week. Bitcoin is up more 10% since yesterday’s low, while other altcoins have increased even more.
FLOKI has risen more than 30% since the March 20 drop, leading to the question: Will it reach a new all-time high in April?
Which Memecoin Leads the Recovery?
The Bitcoin price reached a local bottom of $60,775 on March 20 and bounced afterward, increasing by 10%. A similar recovery is visible in the rest of the cryptocurrency market. Since the March 20 bottom, FLOKI has been the best performing memecoin out of the six largest ones.
FLOKI has increased 33%, followed by PEPE (white) with a 27% increase. BONK is the worst performer out of the six with an increase of only 13%.
Custom Hourly Chart | Credit: TradingView
When analyzing memecoin movement since the start of the cycle, it was WIF and BONK that led the memecoin rally. Now, it seems momentum is with FLOKI and PEPE. This could signify a movement from the Solana to the Ethereum ecosystem.
The hypothesis that DOGE and SHIB are being replaced by FLOKI and PEPE in this cycle is supported by the movement since yesterday’s bounce.
FLOKI Price Prediction: All-Time High in April?
After its stratospheric 760% rise in the beginning of March, the FLOKI price approaches its all-time high of $0.000359 (red). FLOKI fell 50% in the past two weeks, but bounced at the 0.5 Fibonacci retracement support level, creating a long lower wick.
The wave count suggests FLOKI is in wave four of a five-wave increase (white). Due to strong bounce at the Fibonacci level, the FLOKI price may have reached its bottom.
FLOKI/USDT Weekly Chart | Credit: TradingView
A potential target for the top of the entire movement is at $0.000519, found by giving waves one and three the same length.
The weekly RSI and MACD both support the continuing of the increase. Even though the RSI is overbought, it has not generated any bearish divergence yet and is trending upward. The MACD gives a similar reading.
Conversely, a daily close below the 0.5 Fibonacci retracement support level at $0.000169 will indicate the correction will deepen.
FLOKI Poised for Future Gains
FLOKI has rebounded admirably since the cryptocurrency market reached a temporary bottom on March 20. FLOKI’s technical outlook and strength during the recovery suggests the price can reach a new all-time high soon.
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.
