Popular cryptocurrency Floki (FLOKI) has seen a notable rise over three consecutive days, even as the broader market remains in consolidation. This surge has boosted the token’s value by an impressive 33%, climbing from $0.000159 to $0.00021.
What Is Driving FLOKI’s Upward Trend?
The price increase has triggered optimism for further gains, as FLOKI has decisively broken through the neckline resistance of an ascending triangle formation. Since April 19, most major cryptocurrencies, including FLOKI, have been in a horizontal trend due to market consolidation following the Bitcoin halving. During this phase, FLOKI was confined between $0.000202 and $0.000127.
Daily chart analysis shows that FLOKI’s price has been forming new lows, with buyers actively accumulating during price dips. These new lows, when combined with a support trend, form an ascending triangle pattern, indicating potential for more upward movement.
Why Is FLOKI Rising?
Theoretically, the ascending triangle formation suggests the emergence of bullish momentum as FLOKI broke through the $0.000202 neckline resistance. The most recent 16% price increase is likely due to FLOKI’s listing on Revolut Business, Europe’s leading neobank and payment app, which boasts over 40 million users across 150 countries.
This listing aims to facilitate easier FLOKI purchases for businesses in Europe, potentially accelerating the cryptocurrency’s adoption and helping it achieve its goal of becoming widely recognized and used. If the breakout continues, FLOKI’s value could rise to $0.00026 and even $0.000031, driven by increased adoption and market interest.
Key Insights for Investors
Here are some actionable takeaways:
- FLOKI has broken through key resistance levels, indicating potential for further gains.
- The token’s recent listing on Revolut Business could significantly boost its market adoption in Europe.
- Investors should monitor the $0.000202 level as a key support that could pave the way for future price increases.
- Keep an eye on broader market trends, as they could influence FLOKI’s price movements.