As the broader crypto market remains divided into two different spectrums, the meme coins are mostly bullish. One of the top-performing tokens, FLOKI, is on the verge of a bullish price trend.
After days of consolidation and the Bitcoin dangling at $62K levels, will the meme coin jump to a new high this week? Let’s find out if the FLOKI price prediction of reaching $0.0010 starts this week.
FLOKI Price Performance
Dropping under the 50D EMA, the downfall in the FLOKI price trend takes a lateral shift near the 200D EMA. Starting an accumulation phase above the dynamic support, the meme coin remains dominant above the $0.00015 mark.
Further, the increasing chances of a bullish reversal from the 200D EMA teases a double-bottom pattern in the FLOKI price trend. After 14 days of consolidation, the bullish reversal can result in a breakout move above the 50D EMA.
Currently, the FLOKI price trades at $0.000177 with an intraday gain of 4.62%, leading to a bullish candle. Hence, this increases the chances of the accumulation phase breakout, teasing a fresh bull run.
Technical Indicator:
MACD: The MACD and signal lines merging below the zero line tease a bullish crossover. With bullish histograms resurfacing, the momentum indicator bolsters the bull run in the FLOKI price.
EMA: A death cross looms in the daily chart with the declining 50D EMA.
Will FLOKI Make A 50% Leap?
The bullish reversal, starting with the accumulation range breakout, can result in a jump to the $0.00026 mark this week. Further, the reversal will kickstart the double-bottom pattern formation and can result in a price jump to the $0.00035 mark.
As per the trend-based Fibonacci levels, if the uptrend in the meme coin sustains, then a jump to the $0.0005650 mark or the 1.618 Fibonacci level is possible. However, a bullish failure can result in a downfall under $0.00015.