Floki is a meme coin named after Elon Musk’s Shiba Inu and was established in 2021. The meme coin is involved in various market areas, from NFTs to DeFi’s and features a Viking-themed game named Valhalla, where players compete for cryptocurrency rewards.
Floki has performed very well in 2024, with its price increasing over 290% since the start of the year. Floki secured partnerships with top English soccer teams, leading to even more tremendous popularity. Floki’s Valhalla focuses on epic battles to keep players engaged, and players earn cryptos as rewards for hitting milestones in the game.
The FLOKI/USD trading pair chart on the 4-hour timeframe shows an upward signal. The Floki price trades inside the ascending channel, with the lower barrier acting as support and the upper barrier as a possible resistance, where traders may consider taking profits.
Floki could break to a new target if it continues to respect the support levels and goes up in the near future. Traders should watch the trend very carefully and look for signs of a reversal if the RSI goes to overbought territory or if the MACD starts to go down. A break below the support could signal a potential downtrend.
While Floki’s short-term outlook is bullish, some indicators warn of a potential consolidation soon. Traders should adjust their trading strategies accordingly, especially if the momentum indicators signal a reversal or the price approaches critical resistance levels.
This post was last modified on Aug 27, 2024, 09:20 BST 09:20