The FLOKI price has increased swiftly since October 20, culminating with a high of $0.000042 today.
The upward movement has taken FLOKI to the top 100 coins ranked by market capitalization, leading to a massive increase in daily trading volume.
FLOKI Price Accelerates Rate of Increase in October
FLOKI broke out from a descending resistance trendline on September 26 and has increased since. Before the breakout, the trendline had been in place since February.
Read More: 9 Best AI Crypto Trading Bots to Maximize Your Profits
The FLOKI price accelerated its rate of increase on October 20 and reached a high of $0.000042 seven days later. During the upward movement, FLOKI reclaimed the $0.000029 horizontal area.
The breakout was noted by cryptocurrency trader Crypto Tony, who believes the area is crucial for the future trend.FLOKI/USDT Daily Chart. Source: TradingView
The rate of increase has been eerily similar to that of PEPE (orange), which increased at a faster rate in May but has now cooled off.
Social Data Shows Increased Interest
The social data for FLOKI shows a renewed interest in the coin (orange), which has gone hand in hand with the ongoing price increase.
Additionally, trading volume has reached 337 million, more than that of Shiba Inu (SHIB), which has a 24-hour trading volume of $260 million.Floki Chart. Source: Santiment
The ongoing FLOKI price increase has led to a 389 million market capitalization, placing it in the top 100 at number 89.
FLOKI Price Prediction: How Long Will Increase Continue?
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
The most likely wave count is bullish. It suggests that the FLOKI price is nearing the top of wave three in a five-wave upward movement (black).
Due to the long upper wick (red icon), it is possible that the price will soon reach a local top and correct in wave four. The correction could end near the 0.382 Fib retracement support level at $0.000032.
Afterward, the fifth and final wave can take the price to the next resistance at $0.000048, a 25% price increase from the current level and a 50% increase from the 0.382 Fib support.FLOKI/USDT Six-Hour Chart. Source: TradingView
Despite this bullish FLOKI price prediction, a close below the $0.000029 horizontal area will invalidate the bullish count.
In that case, a 55% drop to the closest support at $0.000018 will be likely.
For BeInCrypto‘s latest crypto market analysis, click here.
Read More: Top 9 Telegram Channels for Crypto Signals in 2023
The post FLOKI Rockets Into Top 100 With 130% Weekly Price Gain – Is Meme Coin Season Underway? appeared first on BeInCrypto.