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Floki Inu (FLOKI) is a meme-inspired cryptocurrency that claims to be the "only crypto project officially partnered with Elon Musk's brother Kimbal Musk's Million Garden Movement". The project aims to create a "decentralized ecosystem" that includes a gaming metaverse, an NFT marketplace, and an educational platform. FLOKI is also one of the many dog-themed tokens that have emerged in the wake of Dogecoin's (DOGE) popularity, such as Shiba Inu (SHIB) and Dogelon Mars (ELON).
FLOKI was launched in June 2021, shortly after Elon Musk tweeted that he would name his Shiba Inu dog "Floki"². The token quickly gained traction among meme coin enthusiasts, especially after it received endorsements from celebrities like Tyson Fury, Adesanya, and Logan Paul³. FLOKI also embarked on an aggressive marketing campaign, featuring ads on buses, billboards, and newspapers in major cities around the world.
However, FLOKI's price performance has been rather volatile and unpredictable, as it is influenced by various factors, such as market sentiment, social media hype, and news events. In this article, we will analyze the price trends and patterns of FLOKI, and provide some possible scenarios for its future outlook.
The FLOKI/USDT pair is the most traded pair for FLOKI, as it represents the value of FLOKI in terms of the US dollar-pegged stablecoin Tether (USDT). According to the data from CoinMarketCap, FLOKI reached its all-time high of $0.00008616 on October 28, 2021, after a massive rally that saw it surge by over 1,000% in a month. However, the price soon corrected sharply, dropping by more than 90% to $0.000007 by December 4, 2021.
Since then, FLOKI has been trading in a sideways range, with support at $0.000005 and resistance at US$0.00001. The price has also been following a descending triangle pattern, which is typically a bearish indicator that suggests a downward breakout. The 14-day Relative Strength Index (RSI) is currently at 48.418, indicating a neutral momentum. The 14-day Moving Average Convergence Divergence (MACD) is also below the signal line, indicating a bearish trend.
If FLOKI breaks below the triangle support and the US$0.000005 level, it could trigger a further sell-off, possibly reaching the next support levels at US$0.000003 and US$0.000001. On the other hand, if FLOKI breaks above the triangle resistance and the US$0.00001 level, it could spark a bullish reversal, possibly reaching the next resistance levels at US$0.00002 and US$0.00004.
The FLOKI/BNB pair is the second most traded pair for FLOKI, as it represents the value of FLOKI in terms of the native token of Binance Smart Chain (BSC), Binance Coin (BNB). According to the data from [DexGuru], FLOKI reached its all-time high of 0.00000029 BNB on October 28, 2021, coinciding with its peak against USDT. However, the price also declined sharply, dropping by more than 80% to 0.00000005 BNB by December 4, 2021.
Since then, FLOKI has been trading in a narrow range, with support at 0.00000004 BNB and resistance at 0.00000006 BNB. The price has also been following a symmetrical triangle pattern, which is a neutral indicator that suggests a breakout in either direction. The 14-day RSI is currently at 59.729, indicating a slightly bullish momentum. The 14-day MACD is also above the signal line, indicating a bullish trend.
If FLOKI breaks above the triangle resistance and the 0.00000006 BNB level, it could trigger a bullish rally, possibly reaching the next resistance levels at 0.00000008 BNB and 0.0000001 BNB. On the contrary, if FLOKI breaks below the triangle support and the 0.00000004 BNB level, it could trigger a bearish drop, possibly reaching the next support levels at 0.00000003 BNB and 0.00000002 BNB.
The FLOKI/ETH pair is the third most traded pair for FLOKI, as it represents the value of FLOKI in terms of the native token of Ethereum, Ether (ETH). According to the data from [DexGuru], FLOKI reached its all-time high of 0.00000014 ETH on October 28, 2021, coinciding with its peak against USDT and BNB. However, the price also plummeted sharply, dropping by more than 90% to 0.00000001 ETH by December 4, 2021.
Since then, FLOKI has been trading in a flat range, with support and resistance at 0.00000001 ETH. The price has also been following a horizontal channel pattern, which is a neutral indicator that suggests a continuation of the current trend. The 14-day RSI is currently at 50.000, indicating a balanced momentum. The 14-day MACD is also close to the signal line, indicating a neutral trend.
If FLOKI breaks above the channel resistance and the 0.00000002 ETH level, it could trigger a bullish breakout, possibly reaching the next resistance levels at 0.00000003 ETH and 0.00000004 ETH. On the flip side, if FLOKI breaks below the channel support and the 0.00000001 ETH level, it could trigger a bearish breakdown, possibly reaching the next support levels at 0.000000008 ETH and 0.000000006 ETH.
FLOKI is a meme coin that has gained a lot of attention and popularity in the crypto space, thanks to its association with Elon Musk and its ambitious plans for the future. However, FLOKI's price performance has been highly volatile and unpredictable, as it is influenced by various factors, such as market sentiment, social media hype, and news events. FLOKI's price trends and patterns against USDT, BNB, and ETH suggest that the coin is currently in a consolidation phase, waiting for a decisive breakout in either direction.
