FLOKI’s value has skyrocketed, marking a 140% surge from its lowest level on October 19. This impressive ascent follows a prolonged downtrend that spanned from mid-February to mid-October this year, during which the price plummeted by 76%.
The primary driver behind this meteoric rise is the recent upgrade to the FlokiFi Locker. This update has ignited enthusiasm within the community and bolstered incentives for active participation in the ecosystem.
The announcement of this upgrade on October 17, as detailed in an X post , coincides with the onset of the price surge, underscoring the significant impact of such events on market dynamics.
FlokiFi Locker , a crypto locker protocol, has expanded its reach to 14 EVM-compatible networks. Initially compatible with 12 networks such as ETH, BSC, Polygon, and Fantom, it now includes Base and opBNB in its roster.
Besides this expansion to other chains, Floki integrated some key features of the updated FlokiFi Locker.
Referral Program: Users can easily create a referral link via the FlokiFi platform and earn a 25% commission on locks initiated through these links. Commissions are automatically transferred once a lock is finalized, with no minimum lock value.
Native Payments: While the original version only accepted USDT for token lock fees, the enhancement allows users to pay fees using the native token of the chain, eliminating the need to purchase USDT or USDC beforehand.
Support for V3 LP Tokens: The platform now facilitates the locking of V3 LP tokens (or V3 Positions NFTs) directly.
Lock Extensions: Asset locks can be extended for any desired period, even before the existing lock expires.
Burn Capability: The platform introduces a burn option for various tokens, encompassing LP tokens and NFTs.
FLOKI’s value peaked at $0.00036 on November 5, 2021, before embarking on a bearish trajectory. From June 18, 2022, it had plummeted to $0.0000048, marking a notable 98% drop.
The remainder of 2022 saw FLOKI oscillating, characterized by diminishing highs and increasing lows. A notable resurgence began on January 7, propelling the price to $0.000067 by February 16, 2023. This represented an impressive recovery of almost 800%.
However, from mid-February onward, FLOKI’s trajectory took a downturn, tracing a descending channel that persisted until September 10. At this point, the price stabilized at $0.000015. A subsequent challenge of the descending resistance culminated in a breakout on October 20, catapulting FLOKI into a sharp ascent.
While the current high of $0.000038 remains shy of its February peak, the momentum post-breakout is palpable. This suggests a promising outlook for FLOKI’s continued upward movement but there are some signs of caution.
The Relative Strength Index is on its upper bound, signaling overbought conditions, currently sitting at 86%. The last time RSI was at these levels above 70% was at the end of January and even made it to 94%. However, this didn’t mark the top, as the price continued for another higher high in February.
At the moment, there are no signs of momentum slowing down. While this might change as the price approaches its yearly high, in the short term, we can expect the uptrend to continue.
If we consider the start of a five-wave impulse wave on September 27, then today’s high would mark the completion of its wave 3. Some sideways movement might be observed if wave 4 begins to develop and consolidates the price before further upside is visible.
The next significant resistance level would be around $0.000050, which is our target for the end of this motive wave, representing another 30% increase from current levels.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.