As Q4 begins, the cryptocurrency market is displaying notable strength, with Bitcoin and Ethereum both experiencing gains. Among the assets gaining attention is Floki Inu (FLOKI), which is showing signs of a potential bullish breakout as it navigates a critical technical pattern. The report highlights positive developments indicating that the overall market sentiment is improving and attracting more investors.
FLOKI Returns to the Green
In the past 24 hours, FLOKI has returned to the green, supported by a falling wedge pattern on its daily chart. This technical setup is often interpreted as a bullish reversal, typically forming at the end of extended downtrends. Recently, FLOKI dipped to 0.000007706 after encountering resistance at the upper trendline of the wedge, but buyers quickly intervened, pushing the price back up to approximately 0.000008481.
Increasing Buying Pressure
The formation of the tightening wedge indicates that buying pressure is increasing, suggesting that a significant price movement is imminent. A successful breakout above the wedge resistance and a reclaim of the 50-day moving average at 0.000009533 would confirm a bullish trend, potentially targeting the next major resistance level around 0.00001463. Conversely, if the breakout fails, FLOKI may retest its wedge support before attempting another upward movement.
