- After breaking out of a chart pattern, FLOKI has taken its first upward step, with further rally potential.
- Liquidity levels on the chart and technical indicators support a possible upward move in the market.
In the past 24 hours, Floki [FLOKI] has posted one of the strongest rallies in the market, rising by 19.98% and bringing its weekly gain to 28%.
This bullish move is likely to continue, with a clear path ahead. The rally may extend further if market momentum holds steady and buying activity among traders increases.
Where is FLOKI heading?
FLOKI’s recent rally began after it broke above a descending resistance line on the chart.
This breakout occurred after the asset tested the resistance line multiple times, with FLOKI moving into this zone on six occasions.
Following this breakout, the rally potential remains strong. FLOKI could rise as high as $0.000284, its December 2024 high, although it may encounter several major resistance levels along the way.
Source: TradingView
Interestingly, FLOKI may see an unrestricted rally toward $0.000101, a 46.89% increase from its current price.
For this move to begin, FLOKI must first break above the horizontal resistance at $0.000059, where sell pressure is likely.
Overcoming this zone would mark the beginning of a potential free rally toward $0.000101. At that point, additional buying momentum will be needed to maintain the upward trajectory.
Strong momentum and uptrend
FLOKI continues to show strong momentum, as reflected by technical indicators.
The Parabolic Stop and Reverse (SAR), a tool used to determine whether an asset is in an uptrend or downtrend and to identify potential reversals, shows that FLOKI is in an uptrend.
The SAR defines an uptrend when dots form below the candlesticks. At present, multiple dots are forming beneath the price, confirming the market’s strength.
Source: TradingView
In addition, the Average Directional Index (ADX), which helps confirm whether a trend is strong or weak, indicating that FLOKI’s current uptrend remained solid.
The ADX line signals a strong trend when it moves upward and a weak one when it declines. With the ADX rising and reading at press time 21.52, this supported a confirmation of the bullish trend.
Magnetic levels ahead
FLOKI’s liquidation heatmap, which highlights potential price levels based on unfilled market orders, showed a strong likelihood of continued upward movement at press time.
Source: Coinglass
Millions of unfilled orders lie ahead, particularly between $0.00007 and $0.00007694. If FLOKI breaks through its current resistance level, it could gain a clear path to completing a 45% move.
With market momentum remaining high, FLOKI is likely to maintain its position as one of the top gainers in the market.
