FLOKI Price Analysis: FLOKI Records Gains In May and Finds Solid Support After Correction - Will Bulls Still Rule In June?

FLOKI has recorded a bullish run in May with the meme token posting gains. But will this continue in June? According to data from Coinmarketcap, FLOKI market cap currently stands at $2.4 billion while its 24 hour trading volume has reached $486 million. In the last 24 hours, FLOKI has gained 1.78% and its price is now at $0.000257.

After FLOKI's price recently broke out of double bullish continuation patterns, a symmetrical triangle, and a bullish flag that developed inside the symmetric triangle, as analyzed in our recent report from Analytics Insight, FLOKI retested both support levels and continued its bulling momentum, only to face rejection at 0.00031400 resistance on 28th May.

This recent price breakout and surge could see FLOKI surge to a new all-time high soon. A 139% surge as reported in our recent report, as evidenced by the height of the symmetrical triangle.

In the 4-hour timeframe, the price has yet to flip 0.00031400 resistance to become a support zone, following the 50- EMA support it found to end May bullish.

Not only did FLOKI's price find a solo support level, but also a trendline that has lasted for over a month. This double confluence acts as strong support against further declines, as the price has declined 26% in just two days.

Looking further at the 4-hour, RSI is at a neutral reading of 50 suggesting buyers' momentum in the last couple of hours after sellers dipped it to 42.

The MACD has also been strongly bearish showing that the MACD line has been below the signal line. As seen, there is a bullish crossover likely to happen as MACD struggles to flip the signal line to the downside indicating upside momentum is increasing. 

Looking at the Moving averages, price is well above the 50, 100 and 200 Moving Averages , keeping a distance away from the 200-EMA which is at 0.00020435

According to Coinmarketcap, FLOKI is now up 713% over the last 12 months and 77% in the last 30 days, strengthening the case for a positive Floki price prediction in 2024. Most analysts are bullish on FLOKI in 2024 and even this month, June.

Looking further at santiment data on whale transaction count, there were several spikes recorded in late May with one sharp recording on 28th, suggesting FLOKI whales might be pullish their sleeves up for a likely upcoming bullish rally.