Ethereum Meme Rally: After PEPE, FLOKI Price Now 18% Away from All-time Highs

FXEmpire.com -

Floki Inu (FLOKI) price rose 31% within the daily timeframe on May 27, as positive speculations surrounding ETH ETF launch sparked a widespread rally across major Ethereum-hosted projects. 

After PEPE, FLOKI is now 18% Away from All-time Highs

As crypto institutional investors await the official launch of ETH ETFs, retail traders are scooping up Ethereum memecoins to front-run some of the anticipated upside of the ETF inflows.

Among the major Ethereum-hosted memes, PEPE and FLOKI have emerged the most sought-after tokens globally over the past week.

Floki Inu (FLOKI) vs. PEPE price action | May 28 2024 | Source: TradingView

Looking at the daily price action chart, FLOKI price (green shaded area) entered another major breakout on Monday, surging 32.56% to hit a 75-day peak of $0.00029 on May 28.

This move now puts Floki Inu price just 18% shy of its previous all-time high of $0.00034 recorded on November 2021, according to CoinGecko data.

But looking at the bigger picture, FLOKI price action since the Ethereum ETF approval last week appear to closely mirror PEPE’s.

At the time of writing, PEPE, Ethereum’s second largest memecoin behind Shiba Inu has further stretched it parabolic rally to PEPE for the 3 consecutive week.

With FLOKI price now clearly headed on the bullish trajectory, it lends credence to the narrative that retail investors are strategically scooping up Ethereum-hosted memes to front-run gains from the billions of capital expected to flow into the Ethereum ecosystem when the spot ETH ETFs go live in the US markets.

FLOKI INU Price Forecast: $0.00035 All-time High Now in Sight

FLOKI retraced mildly on May 28 as it faced initial resistance at the $0.00030 milestone price level. But with new all-time highs in sight, and bullish tailwinds from ETH ETFs impending still in play, majority of current FLOKI investors will hold on to their current unrealized profits until prices cross the $0.00035 territory.

Further affirming the likely hood of this bullish price prediction, technical indictors shows that FLOKI price has now entered its second week, flashing the Golden Cross signal.

The Golden Cross signal occurs when a short-term moving average crosses above a long-term average from below, creating an accelerated bullish momentum.

Floki Inu (FLOKI) Price Forecast

As seen above, FLOKI’s 10-day Simple Moving Average (SMA) price crossed above the 50-day SMA on May 16. And since then, FLOKI has entered an accelerated breakout wave.

With the Golden cross factor still in play for the second consecutive week, strategic investors will likely hold out for the new FLOKI price leg-up, while prospective new entrants could also interpret it an indicator that the market top is not yet in.

If this scenario plays out as predicted, its only a matter of time before FLOKI price clears the psychological resistance at $0.00030 and head to new peaks above $0.00035.

Conversely, in the event of a major market correction, bull could regroup at the 10-day SMA price level at $0.00023 to form an initial support cluster, to avoid losing their grip on the short-term market momentum.

 

 

This article was originally posted on FX Empire

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