According to Nick, FLOKI memecoin will rally higher after the recent pullback.
According to Nick, the Cheeky Crypto YouTube channel host, FLOKI, one of the dog-themed memecoins, will rally higher after the recent pullback. The renowned technical analyst explained how FLOKI would forge another leg in a five-wave rally on the weekly chart.
Nick noted that FLOKI is developing the 5th leg of a five-wave pattern in the recent pullback.
Nick revealed how the memecoin rallied since Q4 2023 when it kick-started the five-wave pattern on the weekly chart. He noted how the rally delivered almost 2,000% gains before embarking on the latest retracement. This year alone, FLOKI returned over 1,000% in profit following a price surge that escalated at the end of February.
The analyst revealed that FLOKI’s next target after the rebound is $0.0004.
As of the time of his analysis, Nick acknowledged a 49.22% drop in FLOKI’s price, which he considers an opportunity to re-enter the market in anticipation of another rally. He described the upcoming rally as the fifth leg of a five-wave pattern that could deliver up to a 160% profit.
FLOKI traded for $0.000245 as of writing this article after bouncing off a low at $0.000161, according to data from NovaX.
Nick narrowed his analysis to the 4-hour chart for a more precise turnaround target. He spotted the region around $0.00015 as a potential turnaround area for the memecoin to begin its next phase of upside movement.
From Nick’s expert analysis, FLOKI will break above $0.000313, its current all-time high (ATH), and rally higher.
FLOKI traded for $0.000245 as of writing this article after bouncing off a low at $0.000161, according to data from NovaX. The memecoin has gained 60% from the recent low in less than two days, in a move that could mark the beginning of the fifth leg predicted by Nick.
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