Floki Price Prediction Post 30% Weekly Gain Could Boost FLOKI To $0.0003?

The crypto market bulls are back in action as Bitcoin price records a 4-day rally to reach $63000 on Monday. The renewed recovery sentiment boasted most of the major altcoins but the meme coin section picked higher momentum due to their volatile nature. The Dog-themed Memecoin Floki records a 16% jump today, extending the potential of its price prediction target to $0.0003. Should you enter now?

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Floki Price Prediction: Key Support Level to Watch Amid Market Recovery

FLOKI coin, a meme-based cryptocurrency inspired by Elon Musk’s dog, has recently shown impressive resilience. Between June 5th and July 5th, the FLOKI coin experienced a significant downturn, with its price plunging from $0.000349 to $0.00012, marking a 65.3% decline. However, this week the downward trend paused, as the coin encountered fresh buying interest at a well-established support trendline.

The offering of dynamic support coinciding with broader market recovery uplifted the asset to $0.000174 accounting for a 30% weekly growth. Consecutively, the Floki coin’s market cap jumped to $1.578 Billion.

The meme coin segment, often driven by retail investor sentiment and social media trends, has seen heightened activity.

With sustained buying, the FLOKI price prediction will highlight a $0.000018 breakout and reclaim the 50-and-100-day EMA. This immediate breakout will also accentuate a price reversal above the 38.2% Fibonacci retracement level, indicating a healthy retracement to recuperate bullish momentum. 

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The post-breakout rally could bolster a breach above $0.00023 and challenge the All-time high resistance of $0.000349.

In case of market pullback, the meme coin buyers could rely on the aforementioned support trendline to reinforce the bullish outlook.

The FLOKI price prediction in the daily chart shows the mid-term trend is sideways with $0.000349 and $0.00012 as key resistance and support respectively. 

Technical Indicators 

• Exponential Moving Average: The FLOKI price surge above the 200-day Exponential Moving Average signals a resurgence of bullish sentiment for the asset. However, the overhead resistance of $0.000186 coinciding close with the 50-and-100-day EMAs creates a high supply zone against coin buyers.
• Average Directional Index:  The ADX slope downtick at 27% accentuates the prevailing bearish momentum is weakening bolstering buyers to strengthen their position to drive FLOKI price.