FLOKI Price Surges 12.4% in July After June's 12.4% Decline

FLOKI, a cryptocurrency known for its volatile price movements, has recently shown signs of a potential momentum shift. The price chart of FLOKI suggests that bullish momentum may be beginning to stir, with traders hoping for a rally towards $0.0001. This optimism is fueled by the recent performance of other cryptocurrencies, such as BONK and FARTCOIN, which have both climbed more than 20% in the last 24 hours. The rally in these cryptocurrencies has sparked interest in the broader market, with analysts and traders alike speculating about the potential for a similar surge in FLOKI's price.

FLOKI had been on a downtrend in June, shedding 12.4% of its value in a month. In fact, it saw an attempted rally in the second week of the month, and an attempted breakdown beneath the crucial support at $0.0000745. Over the past week, however, this level was reclaimed as support, and FLOKI bulls are now making another attempt towards $0.0001. This psychological round-number resistance was nearly tested as resistance in June, marking the previous month’s high. It might be the next price target for FLOKI, but it’s still unclear whether there may be enough demand from buyers to drive the price higher.

On 29 June, FLOKI rose past the previous daily lower high at $0.0000754, thereby making a bullish market structure break. This was followed by higher lows and a higher high, keeping the bullish structure intact. At the time of writing, although the moving averages highlighted bearish momentum, the price was above the 50 DMA. At the same time, the RSI also fought its way back above the neutral 50-mark. This gave some glimmer of hope to investors that July could be bullish for the popular memecoin.

The bullish 1-day momentum meant that the 4-hour chart was worth investigating. The local supply zone at $0.00008, which had rebuffed FLOKI bulls since mid-June, has since been breached. Hence, a retest of the $0.000078-$0.000082 area could present swing traders with a buying opportunity. The next local resistance appeared to be at $0.0000987, just under the psychological resistance. Traders can seek to book profits when FLOKI’s price nears the $0.0001-level, while also waiting for further price action developments.

However, it is important to note that the cryptocurrency market is highly volatile and unpredictable. While the recent momentum in FLOKI's price is encouraging, it is not a guarantee of future performance. Traders and investors should exercise caution and conduct thorough research before making any investment decisions. The potential for a 20% price rally in FLOKI is an exciting prospect, but it is just one of many possibilities in the ever-changing world of cryptocurrency.