Bitcoin is now normalizing above the $69,000 mark, with the price at $69,200 as this article is being prepared. It even touched a high of $69,990 today. As the leading cryptocurrency strengthens and continues to normalize at higher levels, it’s time for altcoins to start their ascent. Some meme coins have already begun this journey, with one in particular drawing attention after increasing nearly fivefold.
Floki Inu on the Rise
In just one day, the percentage of profitable Floki Coin wallets increased from 30% to 94%, reaching nearly 70,000 profitable addresses on February 27th. This steady rate since last week indicates that a significant portion of investors are eager for even larger peaks. Similarly, this rate remained at such highs on February 16, 2023.
Current conditions suggest investors are reluctant to take profits, and as BTC continues to rise, the potential for further gains in FLOKI Inu becomes more likely. However, investors should not forget the possibility that everything could turn upside down with a rapid BTC drop or quick profit-taking by large Floki investors.
Floki Inu Price Prediction
Floki Coin‘s RSI readings are indicating a peak. However, when dealing with a meme coin that has made a significant speculative move recently, even RSI readings must be interpreted differently. On March 7th, the RSI rose to 93, showing a 72% increase within a month and is still in this high region. In January 2023, as the FLOKI price increased about fourfold, the RSI lingered consistently above 80 and 90 daily.
If a similar pattern is to occur, the rally may need to accelerate in the coming days. Technical readings also suggest that the price increase is likely to continue. As long as FLOKI stays above the $0.0001644 support, it could climb to $0.0003 or even higher.
Moreover, since it has not yet brought as large gains as WIF and PEPE Coin, there is potential for capital to flow from these into Floki Inu. But what if it falls? If the $0.0001644 support is lost, the price could drop to $0.0001322. Breaking this support could also prompt the 94% of wallets currently in profit to quickly sell, potentially driving the price down.
