YEREVAN (CoinChapter.com) – Floki Inu token price dropped 8% on March 2, added to the 20% decline initiated on February 27, as the coin price settled at $0.000043. However, the bears might not have much time to celebrate, as the Floki Inu price eyes a 60% bullish move, incoming before the week’s end on Mar 5-6. Here’s why.
Floki Inu price in a symmetrical triangle
The Floki Inu token price has formed a ‘symmetrical triangle’ pattern characterized by two converging trend lines at a roughly equal slope. Moreover, they connect a series of sequential highs and lows, predicting a strong move after the price action breaks in either direction.
A breakout above the triangle’s upper trendline qualifies the price to rise by as much as the pattern’s maximum height. That theoretically puts the SHIB price toward $0.000070, up roughly 65% from current price levels.
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Notably, the Floki Inu token price can exhaust the pattern by breaking below the support line, fulfilling the bearish variant, and reaching the target of approximately $0.000023, 46% lower than the current price. However, given additional bullish cues, the bearish scenario does not seem likely.
Golden crosses intensify the bullish expectations.
In addition to the symmetrical triangle, the Floki Inu token price has formed three golden crosses on its daily chart, boosting its bullish prospects further. A golden cross occurs whenever a short-term moving average (MA) crosses above a long-term MA.
As demonstrated above, the Floki Unu token’s daily chart printed three crossovers with the EMA-200 (blue wave). First, EMA 20 (red wave) printed the golden cross on January 30. Then the EMA-50 (orange) followed on February 5, and the EMA-100 (light blue) on February 17.
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Meanwhile, the new Floki Inu listing on the Rabbit exchange intensified the bullish expectations.
Floki Inu listed on CoinRabbit
The Network announced the Floki Inu listing on CoinRabbit on March 1.
Popular crypto lending and borrowing protocol CoinRabbit has integrated the FLOKI token! You can now seamlessly borrow stablecoins (USDT, USDC, BUSD), BTC, ETH, and DOGE by using your FLOKI tokens as collateral! The Floki adoption continues!
read the tweet.
Meanwhile, the team reminded its followers that the listing and the tweet are NOT an “endorsement of any protocol.” “DeFi comes with risks: You could lose your funds,” said the subsequent comment. “Please keep this in mind before using any DeFi protocol, said Floki.
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