FLOKI Price Analysis: Will Floki Follow Dogecoin’s Lead? Crypto Analyst Weighs In

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The post FLOKI Price Analysis: Will Floki Follow Dogecoin’s Lead? Crypto Analyst Weighs In appeared first on Coinpedia Fintech News

The fifth-largest meme coin by market capitalization, Floki (FLOKI), has been trapped in a falling trend since February this year. Nonetheless, the meme coin has recorded heightened volatility between then and September, more so after tech billionaire Elon Musk initially announced Floki as X’s interim CEO.

Investors have favored the meme coin due to its relatively high liquidity, enabling seamless entry and exit. According to the latest DeFi aggregate data from the dex screener, Floki had total liquidity of about $3.2 million and $3.8 million on Pancakeswap and Uniswap, respectively.

Floki Price Action

$FLOKI / @RealFlokiInu – Update #Flokitober is around the corner, and with $DOGE looking hot for a pump, well i expect some magic from the leaders

Also note that #FLOKI is sat on a macro support zone. Accumulation time legends pic.twitter.com/XVNrkXoIo1

— Crypto Tony (@CryptoTony__) September 27, 2023

According to a famous digital asset analyst with over 339k followers on the X platform, Crypto Tony, Floki is on the verge of pulling a price rebound in the coming months. The analyst argued that Floki’s price on the weekly chart sat on a crucial support level that could oversee an imminent breakout. As a result, the crypto analyst urged meme coin enthusiasts to accumulate more Floki assets to enjoy hefty returns in the near term.

Notably, the crypto analyst argued that Floki’s price action will likely follow Dogecoin (DOGE), which has shown early signs of a bullish breakout. Previously, the analyst has highlighted that the Dogecoin price is likely to drop towards the support level of around $0.04 before securing a rebound towards ATH.

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