Since the start of February 2023, meme coins have been the best performers in terms of price surges.
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The market today sparked as the price of Floki Inu, a meme coin increased by over 200%. This rally put an end to a year of inactivity on the price front.
As of now, FLOKI is valued at around $0.0000585, this accounts for a 24-hour gain of 5.80%.
The current facts and figures point to a potential 15% decline in its value within 48 hours, starting from the recent peak of $0.000068 during a localized rally.
But still, the current price level is the highest. The meme coin has never reached such a high in terms of its price in the past performance.
However, the long-term perspective of the coin’s price shows that the $0.00007 level of resistance is on its way.
A Look at Floki Inu’s Price Performance in 2022
A year from today, when Floki touched the current price level it faced harsh rejection because the macro indicators suggested that investors were not ready to take the risk.
Subsequently, FLOKI’s price action experienced a year of dismal bleeding. But things have started to happen for the meme coin.
As of this writing, the price of the Floki token has increased monumentally over $200, a crazy price rally.
Floki’s indicators show that cryptocurrency has created a magnificent bullish trap and it has held this trap with such ease for quite some days.
The current bullish pattern is a clear indication of the fact that FLOKI is poised to make additional gains.
Further upward momentum in its price can seek zero disappearing for the price of Floki.
But if bulls failed to capitalize on this current momentum, then the currency can see a decline in its price with a new level of resistance around $0.000035.
If this happened it will be a 40 % decline in the price of Floki.
How High Floki Inu Can Go in the Future?
Before discussing the future price of Floki Inu, it is important to tell that the cryptocurrency marketplace is a highly volatile market in nature.
Hence not a single analyst can exactly predict what will be the price of any cryptocurrency in the future.
But current financial and technical indicators can tell whether the cryptocurrency has the potential to go up in the future or not.
As far as the price of Floki Inu is concerned, the current indicators are very positive and strong.
At the time of this writing, the currency relative strength index 14 is at 69. This shows that the market is urging investors to invest heavily in the market.
But recently it has also become visible that the currency’s Relative Strength Index (RSI) is steadily going down after it touched an all-time high on Wednesday.
But, experts say that this is not a sign of any trouble, because Floki’s technical indicators are in the right direction.
The recent slightly sluggish pattern shows that currency is taking some rest before finally surpassing the next level of resistance.
It seems that Floki will see a further push in its price as it price will push to achieve new heights.
However, Floki is perfectly poised to touch the $1.77 mark by the end of 2023. Even though cryptocurrency is volatile, the token has done exceptionally well.
But, some experts are arguing that Floki is a highly volatile token, and such massive price hikes might trigger investors to think differently and might start to look for a red flag.
Hence it is also important that investors should look for other Altcoins to invest in the future. There is some very promising newly launched Altcoins present that holds the potential for growth.