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After an incredible run in 2023, FLOKI, a leading competitor of Shiba Inu, has firmly established itself in the mainstream of crypto investments. Achieving a market cap of $1 billion solidified its status as one of the top meme coins. Despite a significant drop of over 50% from its 2023 peaks, FLOKI remains a favorite among investors and analysts. Many expect the meme coin to experience bullish momentum in the near future.
Shiba Inu Competitor Gears Up For Breakout
Crypto analyst CobraVanguard has forecasted a bullish run for FLOKI’s price. According to CobraVanguard, FLOKI is forming a Falling Wedge pattern on its chart, recognized as one of the most bullish patterns. This pattern typically forms in a descending market, with the breakout being the most crucial part.
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The Falling Wedge pattern on FLOKI’s chart has been developing for nearly five months. It started with an initial rise in April and took shape in June as the downtrend began. As FLOKI’s price continued to decline, the falling wedge pattern became more defined.
Given the prolonged downtrend and the recovery in the crypto market, a breakout seems likely. If this occurs, FLOKI’s price could surge by approximately 54%, reaching the $0.000195 target. However, if the Falling Wedge pattern persists, it could lead to further bearish trends, potentially pushing the price down to $0.000084 before another breakout opportunity arises.
Bullishness For FLOKI Continues
CobraVanguard is not alone in predicting a breakout for FLOKI. Another analyst, Cryptollica, shared similar optimistic views on X (formerly Twitter). Comparing FLOKI to Dogecoin, the largest meme coin by market cap, Cryptollica predicted a significant price increase for FLOKI.
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Unlike CobraVanguard’s more conservative forecast, Cryptollica predicts that FLOKI’s price could exceed $0.04, representing an over 400% increase compared to CobraVanguard’s 54% forecast to $0.000195.
Despite the difference in predictions, both analysts agree that FLOKI is poised for a breakout. With meme coins expected to lead the upcoming bull run, FLOKI could emerge as one of the frontrunners.
Token Price Recovery
FLOKI’s price recovery aligns with the rise of Bitcoin, indicating a broader positive trend in the cryptocurrency market. This recovery could further support the anticipated breakout for FLOKI.
