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Shiba Inu Competitor FLOKI Forms Falling Wedge That Could Trigger 54% Breakout

Source Newsbtc

After going on an incredible run back in 2023, top Shiba Inu competitor FLOKI has swam into the mainstream of crypto investments. Its break toward the $1 billion market cap level solidified its position as one of the leading meme coins in the space. Although FLOKI has struggled in the market after its initial bullish run, falling more than 50% from its 2023 peaks, it is still a favorite among investors, and analysts, who expect the meme coin to see bullish momentum going forward.

Shiba Inu Competitor Gears Up For Breakout

Crypto analyst CobraVanguard has predicted a bullish run-up for the FLOKI price. According to CobraVanguard, the Shiba Inu competitor is forming 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 descending market, making the breakout the most important part.

This Falling Wedge pattern identified on the FLOKI chart by the crypto analyst has been forming for the better part of five months now. It began with the initial run-up back in April before taking form back in the month of June when the downtrend began. Naturally, as the FLOKI price fell further, the falling wedge pattern took shape.

At this point, a breakout is likely given how long the downtrend has lasted and the recovery in the crypto market. As the analyst highlights, if this breakout does happen, then the FLOKI price could fly from here, rising around 54% to reach the $0.000195 target.

However, if the Falling Wedge pattern does continue to form, then the continuation would bring bearish tidings for the Shiba Inu competitor. This could send the downtrend deeper, pushing it as low as $0.000084 before another breakout occurs.

Bullishness For FLOKI Continues

CobraVanguard is not the only crypto analyst that foresees a breakout for the FLOKI price soon. Another analyst, Cryptollica, took to X (formerly Twitter) to share similar sentiments for the Shiba Inu competitor. The crypto analyst compared it to Dogecoin, currently the largest meme coin by market cap, predicting that the FLOKI price will fly.

However, Cryptollica’s predictions are not as conservative as CobraVanguard’s, predicting that the meme coin’s price will rise above $0.04. This is an over 400% increase in the FLOKI price compared to the former’s 54% forecast 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 ready for a breakout. With meme coins expected to lead the bull run this time around, it would be no surprise if FLOKI were one of the leaders.

FLOKI price chart from Tradingview.com (Shiba inu competitor)

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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