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After an incredible run in 2023, top Shiba Inu competitor FLOKI has swung into the mainstream of crypto investing. Its breakthrough to the $1 billion market cap level solidified its position as one of the leading meme coins in the space. Although FLOKI has had a hard time in the market after the first bullish runThe coin is down more than 50% from its 2023 highs and is still a favorite among investors and analysts, who expect the meme coin to see bullish momentum going forward.
Shiba Inu competitor prepares for escape
Crypto analyst CobraVanguard has done that predicted a bullish run-up for the FLOKI price. According to CobraVanguard, the Shiba Inu competitor forms one of the most bullish patterns on its chart and that is known as a Falling Wedge pattern. This pattern itself is usually formed during a bear market, with the breakout being the most important part.
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This Falling Wedge pattern identified by the crypto analyst on the FLOKI chart has been forming for almost five months now. It started with the initial run-up in April, before taking shape in the month of June when the downward trend started. As the FLOKI price continued to decline, the falling wedge pattern naturally took shape.
At this point, a breakout is likely happening, given the duration of the downtrend and recovery in the crypto market. As the analyst highlights, if this breakout materializes, FLOKI price could rise from here and rise around 54% to reach the $0.000195 target.
However, if the Falling Wedge pattern continues to form, its continuation would bring bearish news for the Shiba Inu competitor. This could send the downtrend deeper, to a low of $0.000084, before another breakout occurs.
The bullishness for FLOKI continues
CobraVanguard is not the only crypto analyst who foresees a breakout for the FLOKI price soon. Another analyst, Cryptollica, turned to X (formerly Twitter) to share similar sentiments the Shiba Inu competitor. The crypto analyst compared it to Dogecoin, currently the largest meme coin by market capitalization, and predicted that FLOKI price will fly.
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However, Cryptollica’s predictions are not as conservative as CobraVanguard’s, and predict that the price of the meme coin will increase above $0.04. This is an increase of over 400% in the FLOKI price compared to the former forecast of 54% to $0.000195.
FLOKI/DOGE 🍭🎙#floki 🍈 pic.twitter.com/37DRY5niz5
— Cryptollica⚡️ (@Cryptollica) September 13, 2024
Nevertheless, both predictions maintain the same sentiment and that is that the Shiba Inu competitor is primed for a breakout. Since meme coins are expected to lead the bull run this time, it wouldn’t be a surprise if FLOKI were one of the leaders.
Featured image created with Dall.E, chart from Tradingview.com
