FLOKI Memecoin Is Set For The 5th Leg Of a Five-Wave Bullish Pattern – Analyst

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 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.

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.

Scaling lower to the daily chart, Nick highlighted that FLOKI had found support and was about to resume upward movement. He supported his prediction with the daily stochastic indicator, which was about to reset in a bullish formation.

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.

FLOKI traded for $0.000245 as of writing this article after bouncing off a low at $0.000161, according to data from TradingView. 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.

From Nick’s expert analysis, FLOKI will break above $0.000313, its current all-time high (ATH), and rally higher. He thinks the move could push FLOKI’s price to a new ATH of around $0.0004.