- FLOKI posts a 10% weekly gain, showing strength amid a broader altcoin recovery.
- Open interest rises to $49.88 million, hinting at growing trader positioning ahead of a breakout.
- Price consolidates above key support, forming a solid base for the next upward move.
- Breakout from a descending broadening wedge points to a potential 50% rally.
FLOKI is flashing a potential breakout, and major market indicators are in place for a gain upwards. The meme coin has registered a close to 10% increase in the past week, demonstrating strength and newfound bullish vigor. This movement in price has come as part of the larger altcoin comeback, prompted by the latest spike in Bitcoin, which had instilled new life in the crypto sphere.
At present, the price of FLOKI remains at $0.00008218, stable after some highly volatile moves and steep retracements. The price has taken a break after topping previous highs and now stabilizes above major support levels, creating what seems like a robust foundation for the next move upwards.
This period of consolidation typically comes before significant breakouts, particularly when validated by growing interest from market players.
Also Read: FLOKI Defies Dip, Builds Momentum for Possible 2x Surge
FLOKI Leverage Grows, Breakout Ahead?
Data provided by Coinglass shows that the open interest in FLOKI has reached $49.88 million, signalling rising leverage and positioning in the market by traders. This consistent increase in open interest in spite of rangebound price action has frequently been followed by explosive price movement.
Volume is healthy at $212.52 million, reflecting continued participation, yet it’s not rising. Coupled with growing open interest and price consolidation, it means momentum is gathering but doing so stealthily.
FLOKI Breaks Out, Eyes 50% Rally
Also in support of the bull case, chart work by World Of Charts verifies a breakout of a descending broadening wedge, traditional chart formation associated with significant trend reversals. Following a long period of consolidation inside this formation, FLOKI has now broken the range and may now be in line for the start of a 50% plus rally in the short term.
With technical indicators in the green and buyer demand growing, it seems that FLOKI is due for a major movement. Everyone in the market is waiting with bated breath because this meme token may very well spearhead the next jump in altcoin action.
Also Read: Floki Breaks Downtrend, Targets Explosive $0.000262 Amid Bullish Momentum