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Popular cryptocurrency Floki (FLOKI) rose for three consecutive days despite the current market consolidation. This upward period caused the token’s value to increase by 33%, from $0.000159 to $0.00021.
Rising Formation in FLOKI
The rising price signaled a potential for higher price increases by decisively breaking out from the neckline resistance of the ascending triangle formation. Amid the consolidation following the Bitcoin halving, most major cryptocurrencies, including FLOKI coin, have entered a horizontal trend since April 19. This meme token in consolidation was limited by horizontal levels of $0.000202 and $0.000127.
However, when examining the daily chart, signals indicate that FLOKI price developed new lows, with buyers trying to regain control and actively accumulating during dips. Combining these lows with a support trend revealed the formation of an ascending triangle.
Reasons for the Increase in FLOKI
Theoretically, this cautious formation could indicate the formation of bullish momentum released by breaking the neckline resistance. Today, FLOKI price increased by 16% and decisively broke out from the $0.000202 neckline resistance. This rise is likely attributed to FLOKI being listed on Revolut Business, Europe’s leading neobank and individual transaction application with over 40 million users in more than 150 countries.
This strategic move aims to simplify the process for businesses across Europe to purchase FLOKI, potentially accelerating the adoption of the cryptocurrency and realizing its vision of becoming the most recognized and used cryptocurrency worldwide. If the breakout continues, FLOKI token’s value could rise to $0.00026 and then to $0.000031. As a result, Floki showed a 33% increase over three days. Its listing on Revolut Business could accelerate its adoption in Europe and increase its value to $0.00026. Within the general consolidation of cryptocurrencies, FLOKI’s limitation at horizontal levels was notable.
