FLOKI Price Could Surge by 96%, Says Analyst

On August 23, 2024, the popular meme coin Floki Inu (FLOKI) gained notable attention from the crypto community due to the recent bullish breakout and an impressive price surge over the last 24 hours. Amid this bullish outlook, a crypto expert made a post on X (previously Twitter) that FLOKI is experiencing a bullish divergence and could see a 96% surge in the coming days.

FLOKI Price Prediction for August 2024

In addition to the expert comment, technical analysis indicates that FLOKI remains bullish despite trading below the 200 Exponential Moving Average (EMA) on a daily time frame. On a daily time frame, FLOKI has experienced a breakout of a bullish double-bottom price action pattern and is currently retesting the breakout level. 

Following this breakout, there is a high possibility that FLOKI could surge by 50% to $0.000209 level. However, during the upward momentum, it may face resistance near the $0.0001611 level.

FLOKI Price Analysis and Rising Open Interest

At press time, FLOKI is trading near the $0.0001355 level and has experienced a price surge of over 7% in the last 24 hours. Meanwhile, its trading volume has increased by 90% during the same period, indicating higher participation from traders following the recent breakout.

Additionally, FLOKI’s open interest has jumped by 13% in the last 24 hours, indicating growing interest from investors.

Floki Inu’s Recent Partnership

Besides FLOKI’s bullish outlook based on price action and technical analysis, another factor boosting its momentum is a partnership announcement made on August 21, 2024. According to the post on X, Floki has partnered with SimonsCatMeme to reward users who trade the CAT token through the FLOKI Trading Bot. 

Additionally, the post also cited, “1.5% of the CAT supply has been allocated towards this campaign, allowing users who trade the Simon’s Cat token through Floki Trading Bot to earn back their trading fees and potentially more.”