- FLOKI price jumps 44%, breaking key resistance and gaining momentum.
- Strong buying volume fuels bullish sentiment and continued market participation.
- Critical resistance near $0.00026 could determine FLOKI’s next breakout.
FLOKI, a meme cryptocurrency, continues to exhibit great bullish strength following a great breakout from a long consolidation setup. The token, currently at $0.0001339, indicates it has increased by 33.68% in the past 24 hours and by 44.29% in the previous week.
The token, whose daily volume reaches over $771 million, has a market capitalization of $1.27 billion, and as such, it continues to draw more interest among investors and traders.
Previously, it was traded in a narrow range of $0.000088 and $0.000096. FLOKI showed no obvious directional bias, as indecisive candle patterns and low volume suggested market indecision.
But the scenario changed as soon as FLOKI broke past the psychological barrier of $0.00010, triggering a fresh wave of buying demand.
The breakout was facilitated by a relentless rise in the volume of transactions as well as a determined succession of green candles, quickly driving the price up to levels above $0.00014 before settling down around $0.000135.
Also Read: FLOKI Breaks Weekly Downtrend, Major Rally in Sight?
Technical Structure Supports Bullish Outlook
The 3-day FLOKI chart, pointed out by crypto analyst CW, confirms a significant shift in market sentiment. The latest candle captures a 20.21% increase, and the price move now encounters a significant resistance zone of $0.00011600-$0.00013000.
The area, previously, had acted as a supply zone, putting the lid on prior upmovements. An aggressive breakout at the zone can lead the way towards the next significant resistance zone of $0.00019000-$0.00030000, of which the next substantial sell wall at $0.00026 has been identified.
FLOKI has strong defensive levels on the support line. The zone between $0.00004700 and $0.00006500 is a recent zone of consolidation, which will serve as a strong support in the case of a correction.
The larger zone of accumulation is between $0.00001300 and $0.00004700, where FLOKI saw strong demand at the start of the year.
Volume Surge Confirms Bullish Sentiment
Accompanying the latest price surge has been increased volume, confirming rising participation and a bullish attitude. In line with the parabolic rise of the token, it adds further credence to the rising pattern.
Some profit-taking around the highs, as the upper wicks would indicate, is evident, but the price stability at the local resistance level confirms strong support at the base.
Over the past week, FLOKI’s latest action is a typical breakout of the point of accumulation. If the momentum and volume continue, the token can continue going up towards the future resistance areas, strengthening the bullish market even further.
Also Read: FLOKI Forms Strong Base, Breakout Could Ignite 50% Rally
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
