FLOKI’s price could rise by 96 percent, the analyst said.
In the year August 23, 2024 The popular meme coin FLOKI has received special attention from the crypto community due to its recent crash and dramatic price increase. In the midst of this bullish outlook, a crypto expert wrote on X (formerly Twitter) that FLOKI is experiencing a bullish divergence and could see a 96% increase in the coming days.
FLOKI price forecast for August 2024
Apart from the expert opinion, technical analysis shows that FLOKI remains bearish despite trading below the 200 Exponential Moving Average (EMA) on the daily time frame. On the daily timeframe, FLOKI experienced a bullish double-bottom price action pattern breakdown and is currently testing a breakout level.
Following this breakout, there is a high probability that FLOKI will rise by 50% to $0.000209. However, on the upside, it may face resistance near the $0.0001611 level.
FLOKI price analysis and rising open interest
At press time, FLOKI is trading near the $0.0001355 level and has experienced a price increase of over 7% in the last 24 hours. Meanwhile, the transaction volume has increased by 90 percent.
Additionally, FLOKI's open interest rose 13% in the past 24 hours, indicating growing interest from investors.
Floki Inu's latest partnership
Apart from the bullish outlook based on FLOKI's price action and technical analysis, another factor driving the momentum is the partnership announcement on August 21, 2024. According to the post on X, Floki will sell the CAT token through FLOKI Trading Bot.
In addition, the post also stated that “1.5% of the CAT supply is allocated to this campaign, which allows users who trade Simon's Cat Tokens with Floki Trading Bot to get their trading fees back, and potentially more.”
