Floki Inu Surges 8.77% as Symmetrical Retest Confirms Potential Bullish Setup

• FLOKI broke crucial resistance after completing a symmetrical retest, boosting the bullish trend.
• Technical analysis and Elliott Wave Theory suggest further upside, targeting a 2.618 Fibonacci extension.

Floki Inu, a meme coin built on Ethereum and Binance Smart Chain blockchains, has recorded a healthy movement in the last 24 hours. According to the market data, FLOKI opened its day during the Asian trading session with a price value of $0.00008287. With such a positive start today, this digital asset has continued its upward trend, noting an 8.77% price surge. This uptick has prompted many market analysts to weigh in on whether the current trend will continue or a reversal will be initiated. 

Floki Breaks Crucial Resistance After Symmetrical Retest

According to analysis by World of Charts, Floki has continued to follow the anticipated technical pattern after completing a symmetrical triangle retest. The retest unfolded as expected, creating momentum for the token to approach a major resistance zone. The FLOKI cryptocurrency has been displaying regular progress in its price movement, which led to its recent breakthrough of a crucial resistance point.

A closer look at the charts shows that after establishing the symmetrical support and resistance zones, there was an upward move in the purchase of Floki. This technical confirmation has favored the bullish sentiments towards the asset’s price movement. 

Breaking the newly identified crucial resistance has created possibilities for further upside. Technical analysis suggests a potential 2x movement if momentum continues beyond the breakout point.

Elliott Wave Theory Further Supports the Bullish Trend

To further support the expected uptick in Floki, another analysis prepared by Vuori Trading hints at a bullish takeover. According to the analyst, FLOKI shows an ascending trendline supporting price since early 2022, forming consistent higher lows across multiple phases.

Elliott Wave Theory has shown a completed five-wave impulse followed by a three-wave corrective ABC pattern. However, wave (C) ends near the trendline, aligning with the 0.382 Fibonacci retracement, indicating a potential continuation upward.

The next impulse wave is mapped with five subwaves, targeting the 2.618 Fibonacci extension near $0.00315242. Present market transformation shows wave (1) development that might lead to wave (2) correction and additional forward progress. The RSI index reveals fresh market strength, which leads to price recovery and suggests future price growth.

Current Market Movement Revealed

Analyzing the current price trend at the time of press based on the CoinMarketCap information, FLOKI trades at $0.00008528 after a 1-day hike of 8.77% as the market cap reached $820.9M within the same period.

Daily trading volume surged 135.79%, reaching $221.15 million, showing stronger market activity as the Fully Diluted Valuation (FDV) stands at $823.99 million while the 24-hour volume-to-market cap ratio is 26.8%.

The price movement shows initial sideways trading near $0.00007836 before a sharp evening rally began. The price climbed, peaking above $0.00009000 during the early morning hours. A mild correction followed, with prices stabilizing slightly below the peak, maintaining strength above $0.00008500.

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