As the Bitcoin price gains some momentum, the memecoins have set up a fine ascending trend. While the popular ones are struggling to gain attention
As the Bitcoin price continues to rise, memecoins have also seen a strong rally. Among them, FLOKI has shown the most impressive move with a gain of over 25%.
The memecoin is now trading at $0.00004, which is the highest level since April 2023. The rally began after the token faced a strong resistance at $0.00002 levels for over a month. Now that the price has broken out of this resistance, it has opened up the possibility for further upside.
On the technical front, the FLOKI price has formed a cup and handle pattern on the weekly chart. This pattern is usually considered bullish, and a breakout from it could indicate a strong momentum. The StochRSI indicator also supports this bullish outlook, as it has recently bounced back from the lower range.
Collectively, FLOKI seems to be leading the rally among memecoins, while the others are following the trend. The price is expected to continue its steep upswing and reach the 1.2 FIB levels, which could attract bearish forces for a short period. However, after a minor consolidation, the FLOKI price may hold the $0.00004 levels and move towards new highs.
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