FLOKI, the playful meme coin, is showing signs of breaking away from its historical price patterns. Recent technical analysis by Master Kenobi on X indicates a potential reversal as the FLOKI price finds support while targeting resistance levels.
With the RSI suggesting an oversold recovery, market observers are paying close attention. Could this signal the start of a significant upward trend for FLOKI?
Minor Adjustment Signals Potential Major FLOKI Price Movements
A recent analysis of the FLOKI chart reveals a minor adjustment that could indicate significant price movements ahead. Initially, a 112-day sequence was noted, but it appeared to have deviated due to external factors, such as the U.S. elections in November 2024. This sequence has now been realigned closer to the peak of a previous pump, overlapping with last year’s 140-day sequence, distinctly marked by orange and yellow rectangles.
Currently, FLOKI’s price action remains within the bounds of a blue rectangle, which signifies the typical cycle phase for this meme coin. Following a notable pump at the end of last year that reached the upper limit of this blue rectangle, the FLOKI price is now trading at the lower end, suggesting it may be at a trough in this cycle. If this interpretation holds, we could see a significant price increase by the end of January. However, historical data indicates there have been false spikes in this phase, a trend we are observing again.
Technical Analysis of Recent FLOKI Price Movement
A recent analysis of FLOKI price on a daily timeframe shows a shift in market sentiment. After a period of decline characterized by red candlesticks, there are signs of a potential trend reversal. This shift is illustrated by a blue arrow on the chart pointing upward, indicating that the price may have found a bottom around $0.00001440, which now serves as a support level.
Resistance is noted at approximately $0.00001680, a level that previously capped price highs before the downturn. The Relative Strength Index (RSI) currently sits at 32.97, below the neutral threshold of 50, which typically signals an oversold condition. However, the RSI is trending upward, suggesting diminished selling pressure and a potential increase in buying interest.
The analysis indicates that FLOKI’s price may be breaking free from its traditional bearish pattern, hinting at a possible shift in established trends. If the price can break through and maintain above the resistance level of $0.00001680, it could confirm a bullish reversal. However, without this confirmation, the current movement may only represent a temporary bounce.
READ ALSO: Analyst Updates ONDO Price Prediction Ahead of Major Ecosystem Launch
Looking ahead, while there are signs of bullish sentiment due to recent price action and RSI movement, caution is essential.
The FLOKI price analysis suggests that the meme coin could be on the verge of a significant upward movement, breaking from its recent downtrend.
Finally, the adjustment extended the current phase by approximately 30 days, aligning it more closely with last year’s market behavior rather than the patterns from two years ago. This change is not radical but rather a recalibration of current market dynamics. While a dip below the blue rectangle is possible, historical patterns suggest such an event has not occurred in this model.
