While the crypto markets are failing to exhibit volatility regardless of the series of bullish events, memecoins have again taken centre stage. The prices of Pepe & Bonk have been inflating for the past few days, followed by FLOKI and other memecoins. This suggested the market participants were more lenient towards them, which also showcases positive prospects. In the meantime, FLOKI managed to break above the ascending consolidation and secure levels above the crucial resistance zone.
With a huge rise of over 200% in its trading volume, the market cap and the value of a popular memecoin, FLOKI smashed by above 20%. Despite a bearish start for the day, huge gains were recorded, followed by a massive influx of buying pressure. With this, the FLOKI price that broke above the decisive symmetrical triangle and accomplished a retracement is now heading to test the highs at $0.0003.
Now the question arises: will the FLOKI price surge by another 10% to mark new highs before the end of the day?
The above daily chart displays a clear breakout from the ascending channel, which failed in the previous attempts. The volume also gained momentum, which materialised the current upswing above $0.00027. Although, the DMI is bullish and the stoch RSI heads towards the upper threshold, the possibility of a close beyond $0.0003 appears to be a tedious job. As the bears have begun to extract some profits, the pace of the rally could be slashed.
Nevertheless, the short-term price action continues to remain bullish, as the price still managed to rise after withstanding an interim bearish pressure. This suggests, that after a minor relaxation, the bulls may resume elevating the levels beyond the current highs. Therefore, a bullish close above $0.000275 or $0.00028 may keep the token within the bullish range. Hence, the FLOKI price is believed to mark a new ATH anytime from now, as the bulls have held a tight grip over the rally.
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