FLOKI INU (FLOKI) is a crypto coin that’s inspired by Elon Musk’s Shiba Inu pet and boasts as the only crypto project that also partnered with Kimbal Musk, Elon Musk’s brother with a focus on tackling food insecurity in the world. Read on as we analyze the FLOKIUSDT charts for insights into possible scenarios that could lead to a continuation or slowing of the current bullish campaign.
DOGE Vs SHIB Vs FLOKI, Its Meme Coin Season
Meanwhile, Dogecoin co-founder Billy Markus recently slammed the promotion of rival Floki Inu by crypto influencer SlumDOGE Millionaire, who suggested FLOKI to his 116,000 Twitter followers and those who probably missed the boat on Dogecoin.
In addition to being a meme coin and solving world food insecurities, FLOKI INU also has three flagship utility projects, which include Valhalla, an NFT gaming metaverse, FlokiPlaces, an NFT/merchandise marketplace, and Floki Inuversity, a content/education platform.
FLOKI Price Prediction: Weekly Chart
Looking at price data feed from the Poloniex crypto exchange, The FLOKIUSDT broke above a bearish inside-bar resistance on 18 October ’21 from a weekly chart overview, with a price gain of about 400% from its opening price.
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However, price feeds from dextools.io above showed the RSI dropping below level-25 signaling a correction phase and entry into the uptrend for the meme coin.
FLOKI INU token has a positive DEXT Score of 99 and a positive community trust vote of 70.2% with 285 votes. The project has total liquidity of $20,627.423.75 with 217823 holders and 43,440,341,334.51 worth of pooled FLOKI tokens.
These are bullish signals for an up-and-coming crypto project with a meaningful use case.
FLOKI Price Prediction: Daily Chart
The RSI oversold area on the daily time frame confirmed the entry signal for the price pull-back on the weekly time frame, followed by a breakout of bearish inside-bar resistance on 27 October ’21.
Recent price action shows the FLOKI price chart from a daily time frame in a stable uptrend but in a mid-term correction phase.
Outside bar and inside-bar candlestick patterns form a symmetrical triangle formation where we anticipate a breakout of the price to the upside. A breakdown of the 30 October ’21 outside-bar support though very unlikely, could lead to a rather steep price correction.
FLOKI Price Prediction: 4 Hr Chart
Lastly, the intraday 4HR time frame of the FLOKIUSDT on the Poloniex crypto exchange paints a clearer picture of the symmetrical triangle hinted on the daily time frame. However, the 4HR time frame shows the signal formed by opposing bearish and bullish divergence setups.
Recent RSI values in the oversold area, while signaling a hidden bullish divergence reinforce our decision to assume a bullish position and a long-only strategy on the FLOKIUSDT.
There’s a stronger likelihood for us to see a breakout to the upside considering the higher fundamentals towards the meme coin inspired by Elon Musk’s very own Shiba Inu pet.
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