FLOKI’s price structure mimics BNB’s previous pattern, and some thinks this suggesting a possible price rise, but stagnant trading volume raises questions.
Red Ferraris are fast, so if I have a red car, that too must be fast?
FLOKI has been garnering attention from the cryptocurrency community due to its strong performance on both the Ethereum and BNB networks.
With a history of big gains during its previous bullish phase, FLOKI again entered a consolidation period, much like BNB did before its rise. But we think this sounds like bullsh*t.
One can find similarities between literally any tokens or assets, but saying they will follow the same path because of this? C’mon!
Yes, it is true that FLOKI is printing a chart pattern on the daily timeframe that closely resembles the structure BNB displayed before its major breakout.
This similarity has fueled speculation among investors that FLOKI could replicate BNB’s past success.
Many are keeping a close eye on the memecoin, waiting for a predicted bull market in the fourth quarter of 2024.
Where is the volume?
The Relative Strength Index, aka RSI shows that FLOKI is in an oversold region, a condition that often precedes price rallies.
This scenario presents a good-looking buying opportunity for those looking to capitalize on a possible uptrends.
Analysts are optimistic, suggesting that FLOKI could soon achieve a market cap of $10 billion, with projections of a new all-time high by January 2025 and another peak by mid-year.
As many warn, the promising technical setup is nice, but FLOKI’s trading volume remained pretty flat, mirroring levels seen before its jump to a new all-time high in June.
This stagnation in volume could be seen as a potential buying signal, suggesting that history might repeat itself, with FLOKI gearing up for another major rally.
Never underestimate the internet
The technical analysis of various on-chain metrics, including social volume, holder count, active addresses, network growth, and the profit-to-loss ratio of daily transactions, shows increasing activity around FLOKI.
The traders’ buzz is real. This uptick in hype suggests that interest in the memecoin is growing, which could drive further price appreciation, as a self-fulfilling prophecy.
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