Home Editor's Pick Floki (FLOKI) Price Soars 25% & Reaches New All-Time High, Will The Run Continue?

Floki (FLOKI) Price Soars 25% & Reaches New All-Time High, Will The Run Continue?

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TLDR

Floki (FLOKI) price surged 25.11% in the past 24 hours, reaching a new all-time high of $0.000327.
The market cap of Floki increased by 25% to $3 billion, and the 24-hour trading volume jumped 102% to $1.42 billion.
Technical indicators suggest a strong bullish trend for Floki, with potential resistance levels at $0.00039, $0.0004, and $0.0005.
Floki announced a $12 million investment from DWF Labs, following a previous $10 million purchase in February.
The Floki price has increased by 200% since its April 13 bottom, and the upward movement is expected to continue, with a potential target of $0.000663.

Floki (FLOKI), a popular meme coin, has experienced a surge in price over the past few days, setting a new all time high today.

The Floki price reached a new all-time high of $0.000327, marking a 25.11% increase within a single day. This impressive rise reflects a broader trend in the cryptocurrency market, where meme coins are gaining traction among investors.

FLOKI Price at Coingecko

The market cap of Floki has also seen a substantial increase, now standing at $3 billion, positioning it at rank 36 in terms of market capitalization. The 24-hour trading volume has more than doubled, reaching $1.42 billion, indicating heightened trading activity and growing investor interest.

Technical indicators suggest that Floki’s bullish momentum is likely to continue. The Relative Strength Index (RSI) has surged to 72, indicating strong buying pressure, while the Moving Average Convergence Divergence (MACD) exhibits bullish signals.

The Chaikin Money Flow (CMF) indicator, at 0.10, suggests a positive inflow of capital into FLOKI, further confirming the bullish sentiment.

Floki’s recent success can be attributed to several factors, including the announcement of a $12 million investment from DWF Labs, a market maker and Web3 investment firm.

This investment follows a previous $10 million purchase by DWF Labs in February. The partnership with DWF Labs, first announced in May 2023, has helped facilitate numerous partnerships and exchange listings for Floki.

Since its April 13 bottom, the Floki price has increased by an impressive 200%. The upward movement initially remained within an ascending parallel channel but broke out on May 27, validating the channel as support and continuing its upward trajectory.

According to the wave count analysis, Floki is likely in the fifth and final wave of its upward movement, which could potentially extend to a target of $0.000663, nearly 100% above the current price.

Despite the bullish outlook, it is essential to note that a breakdown from the ascending parallel channel could invalidate the bullish count and suggest that the fifth wave has already concluded. In such a scenario, Floki might retrace to the closest long-term support at $0.000150.

Floki’s recent price action has not gone unnoticed by the crypto community, with many analysts and investors closely monitoring its performance.

The meme coin’s ability to maintain its bullish momentum and reach new all-time highs has solidified its position as a strong contender in the market for this coming bull run.

The post Floki (FLOKI) Price Soars 25% & Reaches New All-Time High, Will The Run Continue? appeared first on Blockonomi.

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