The meme-inspired cryptocurrency Floki is nearing the end of a 33-day correction, holding key support at $0.00007840. Analysts are watching closely for potential breakout to $0.0001 as the price approaches deeply discounted territory. The $0.00007840 level is crucial for upcoming price action.
The cryptocurrency has bounced for 35 days before settling into a 33-day correction, currently testing the long-standing support between $0.00011 and $0.000096. This zone has previously absorbed selling pressure, suggesting a potential base for new upward movement.
Technical analysis suggests Floki may be forming a double bottom pattern. If the price holds at this level, it could challenge resistance between $0.00025 and $0.00028. The MACD on the weekly chart currently shows bearish crossover, but the RSI is gradually recovering from oversold levels.
Furthermore, Floki’s expanding ecosystem continues to support price structure. The upcoming Valhalla mainnet launch on June 30th, alongside partnerships and a five-week marketing campaign starting June 16th, further bolstering market optimism. The token’s total value locked (TVL) has surged to $8.81 billion according to DeFiLlama, signifying increased on-chain activity. Social sentiment is also rising.
Analysts believe this resurgence could be the start of a wave 3 structure for Floki. If the price holds support and continues this trajectory, it may reach as high as $0.00015 in the near term.