Posted: November 12, 2024

• FLOKI recently broke through major resistance levels in a bullish pattern, raising hopes of an all-time high.
• One crypto analyst is optimistic, predicting further gains if FLOKI can overcome key obstacles ahead.

In the past 24 hours, Floki [FLOKI] has surged 24% amid rising market interest, marking the second leg of a rally that saw a 42.5% increase over the last week.

With current price action showing strong upward momentum, AMBCrypto’s analysis suggest the rally could continue—though mixed market sentiment leaves open the possibility of volatility.

FLOKI charts a bullish roadmap

At press time, FLOKI has shown bullish momentum, breaking out from a bullish triangle pattern, a signal that the asset could begin trading higher from its current level.

As the rally progresses, FLOKI will face a major resistance at $0.000208749, where significant sell orders are likely positioned and may limit further gains.

However, if this level is surpassed, FLOKI could rally toward $0.000349000—its highest point since launch, marking a major target.

Technical indicators are also showing signs of strength. The Parabolic SAR, with dots forming below the price level, suggests an upward trend.

Meanwhile, the Money Flow Index (MFI), which measures capital inflows, has risen to 74.03, indicating strong buying interest and significant liquidity entering the market.

If these bullish metrics persist, FLOKI may surpass its current target, potentially reaching a new all-time high.

Bullish potential for FLOKI?

According to an analyst’s chart, FLOKI has been trading within a consolidation phase and may soon follow a bullish path similar to other tokens in the market.

This consolidation phase is characterized by a descending channel, typically a bullish pattern.

If FLOKI breaks out of this channel, it will face a major resistance zone, highlighted by an orange rectangle on the chart, that has previously limited upward movement.

If FLOKI can overcome both resistance levels, the analyst believes “a new all-time high is only a matter of time” for the token.

Whales remain neutral as retail traders sell FLOKI

Current metrics indicate that whales have yet to fully engage with FLOKI, showing a balance in their activity.

The “Bulls and Bears” indicator from IntoTheBlock, which gauges market sentiment among large holders, currently shows neutrality, with an equal number of whales buying and selling.

Realistic or not, here’s FLOKI’s market cap in BTC’s terms

In contrast, retail traders appear to be selling, as indicated by a spike in active addresses and long liquidations totaling $587,290.

This trend suggests that most market participants have adopted a bearish stance, which could pressure FLOKI’s price downward.