In 2023, despite not receiving as much attention as BONK, another meme coin that has been gaining popularity is Floki (FLOKI), which now appears to be on the verge of a breakout. At first glance, this prediction might not seem very striking, but at the time of writing, the meme coin’s daily and weekly charts were trending in the negative zone.
However, at press time, a rising formation had formed on the meme coin’s daily chart, suggesting a high likelihood of a breakout to the north.
Current State of FLOKI Inu
Although the meme coin’s price saw a sharp increase on January 21st, this trend did not last long, and the subsequent decline was equally steep.
According to data from CMC, FLOKI experienced a drop of over 6% in the last 24 hours. At the time of writing, with a market value falling below 285 million dollars, FLOKI was trading at the level of 0.00002958 dollars. Despite all this, according to one analyst, the meme coin’s chart was showing signs of an uptrend.
Popular cryptocurrency analyst Pepper shared a post regarding the current situation of FLOKI. According to his above post, if FLOKI can move above the yellow trend line, another bull rally could be triggered.
According to the analyst, this rally could actually bring about a return to FLOKI’s highest levels in the fourth quarter of 2023.
Will Floki Rise?
For FLOKI to enter another bull season, it will need to record new gains in the upcoming period. When checking the meme coin’s metrics, it’s observed that its social volume has significantly increased in the last few days. Such situations are interpreted as an increase in the popularity of the cryptocurrency.
Additionally, a positive shift was observed in the weighted sentiment. This suggests that cryptocurrency investors have increased confidence in FLOKI at the time of writing and may anticipate a price increase in the near future.
On the other hand, a decrease was also seen in FLOKI’s NVT ratio. This decrease in the metric indicates that the asset could be undervalued and a potential uptrend might occur. Nevertheless, the decline in the meme coin’s MVRV ratio last week caught the attention of investors as an indicator of a downturn.
Considering all the aforementioned measurements and metrics, whether FLOKI will revisit its highest levels from the fourth quarter of 2023 remains a topic of curiosity among investors.
