Analyst: Floki Inu Eyes New Highs Despite Recent Bearish Trends

• FLOKI remains bullish despite recent bearish trends, targeting higher support levels.
• Valhalla, Floki’s metaverse NFT game, is set to launch on the mainnet in the end of 2024.

Despite current bearish momentum, the meme token Floki Inu (FLOKI) has been on a bullish track for the past 30 days, rebounding from a local low of $0.0001252.

Floki Inu: Meme Token with Bullish Potential Amid Bearish Pressures

Crypto Tony published a price chart indicating that FLOKI is prepared to form a bullish pattern known as an inverse head and shoulders, emphasizing the token’s rally potential. According to Tony, the price of this meme coin might fall to $0.00015500 before rising to break the $0.0002090 level and being reclaimed as a new support level.

$FLOKI / $USD – Update

I am already long from the lows as shared already, but if you are waiting for an entry. I would wait for a dip to 15500, or a reclaim of 20900 into support

Just my 2 cents pic.twitter.com/bciyLzqynw

— Crypto Tony (@CryptoTony__) July 29, 2024

Tony sees $0.0002400 as a new high and resistance level, and views the recent decrease in FLOKI as only a corrective action. At the time of writing, FLOKI is trading around $0.0001752, down 3.46% over the last 24 hours, and is under selling pressure after rebounding from $0.0002090.

noted that FLOKI has become the world’s largest ‘Play to Earn’ cryptocurrency, surpassing significant players such as AXS, SAND, MANA, NOT, and GALA, according to CoinMarketCap.

Furthermore, Valhalla, Floki’s metaverse NFT game, is scheduled to launch on the mainnet by the end of 2024. On the other hand, we’ve highlighted analyst TimelessBeing’s bullish outlook on the Floki Inu token. He underlines the token’s potential to sustain its monthly price range despite the current drop in the crypto market.

Beside that, looking at Floki’s competitor, Dogecoin (DOGE), CNF previously reported that Dogecoin saw strong trading activity, which traditionally precedes volatile price movements, exploding by 146.81%.

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