- FLOKI could front a 24% breakout if it follows PEPE’s move.
- Whales added more FLOKI positions and could boost breakout odds.
Memecoins saw renewed traction over the weekend, with Pepe [PEPE] fronting a bullish breakout to an all-time high (ATH). Will Floki [FLOKI] follow the same breakout move?
Since November, both meme coins chalked a bullish flag pattern, raising questions about FLOKI’s breakout chances.
Floki price prediction
Source: FLOKI/USDT, TradingView
The November upswing helped FLOKI clear the H2 2024 roadblock at $0.0002 and retested it as support. In the past few days, the level has been a key re-entry for bulls, making it a potential springboard for FLOKI’s breakout.
A decisive move above the 78.6% Fib level ($0.00027) could push the memecoin to its 2024 highs of $0.00035.
From a short-term perspective, the immediate upside target was $0.00033 based on the height of the channel pattern.
Source: FLOKI/USDT, TradingView
However, a breach below the channel would invalidate the bullish outlook and drag FLOKI lower to the bearish target of $0.00014.
That said, it’s worth noting that the technical chart indicators on the 3-day chart had bullish readings with strong price momentum (Stochastic RSI) and capital inflows (CMF). This made the bullish projection more likely than the bearish scenario.
Whales make a move
Source: Santiment
Another likely bullish catalyst was strong demand from whales. Over the weekend, whale wallets holding over 1B FLOKI tokens increased their positions from 78.5 billion to 80.4 billion. That’s 1.9 billion tokens accumulated in the past 48 hours.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
This suggested that some large players expected an extra FLOKI rally, perhaps a bullish breakout.
If so, and the move follows PEPE’s pattern, a +20% potential gain could be likely. However, a breach below $0.00020 would invalidate the bullish outlook.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
