- Floki Inu (FLOKI) shows promising signs of a bull rally as it breaks above a bullish flag pattern.
- Despite a slight price correction, social metrics indicate high popularity for the meme coin.
- Experts suggest the trend of price drop might not last, hinting at a potential bullish turn.
Amidst a volatile crypto market, Floki Inu (FLOKI) shows signs of a potential bull rally, backed by soaring social metrics and a recent breakout from a bullish flag pattern.
FLOKI’s Bullish Breakout
FLOKI’s price chart reveals an interesting development. After reaching its peak in mid-March, the meme coin’s price began to move within a bullish flag pattern. This consolidation lasted for over a month, culminating in a breakout on May 4th. This breakout suggests that FLOKI’s price might soon revisit its March highs.
Soaring Social Metrics
On the social front, FLOKI is gaining traction. According to a recent tweet by LunarCrush, over 48% of the market remains positive on FLOKI, indicating a surge in its social metrics. Furthermore, FLOKI’s official Twitter handle reported that the meme coin is trending on the platform, further reflecting its growing popularity.
Price Correction: A Temporary Setback?
Despite the promising signs, FLOKI’s price witnessed a slight correction, dropping by 1.5% in the last 24 hours. However, experts suggest that this trend might not last. A breakout above a bullish flag pattern is often followed by a retest of the support level, implying that a minor price drop ahead of another bull rally is not uncommon.
Indicators Pointing Towards a Bullish Turn
An analysis of Santiment’s data suggests that the declining trend might not last long. For instance, after an increase, FLOKI’s Funding Rate dropped. Generally, prices tend to move in the opposite direction of the Funding Rate. Additionally, its MVRV ratio remained high, which can be interpreted as a bullish signal. These indicators, along with an uptick in the Chaikin Money Flow (CMF) and a potential bullish crossover in its MACD, suggest that FLOKI’s price might turn bullish again in the coming days.
Conclusion
In conclusion, despite a slight price correction, Floki Inu (FLOKI) shows promising signs of a potential bull rally. With soaring social metrics, a recent breakout from a bullish flag pattern, and positive indicators, FLOKI might soon revisit its March highs. However, investors should keep an eye on the market trends and make informed decisions.
