- Floki Inu price rallied nearly 20% on September 30 but closed the candlestick with a 12% gain.
- The recent uptick opens the possibility of a 30% rally for FLOKI holders.
- A daily candlestick close below the $0.0000160 level would invalidate the bullish thesis.
Floki Inu (FLOKI) price has triggered a quick but explosive uptrend in the last 24 hours. The uptrend has pushed the meme coin above a key hurdle and could assist FLOKI bulls in reversing the downtrend.
Also read: Floki Inu price jumps 25%, as network kills “co-founder” narrative used to push shitcoins
Floki Inu price needs to sustain
Floki Inu price rallied 20% on September 30 and set up a swing high at $0.000196. But profit-taking caused the altcoin to close at $0.000164, which is roughly 6% lower from the recently set up swing high.
Regardless of its daily candlestick close, Floki Inu price sits at a very bullish point. The breakout rally ended the September consolidation phase and also pushed both the Relative Strength Index (RSI) and Awesome Oscillator (AO) to flip above the respective mean levels.
If buyers can maintain their stances and holders can refrain from booking profits, the uptick in bullish momentum could extend, pushing Floki Inu price to the next target at $0.00000233. This move would constitute nearly a 30% gain and is likely where a short-term local top could form.
Also read: Shiba Inu downtrend continues, sending 97.4% of SHIB holders underwater
FLOKI/USDT 1-day chart
On the contrary, if the recent Floki Inu price rally was a pump and dump, then the likely direction the meme coin will head next is south. In such a case, if FLOKI produces a daily candlestick close below the $0.0000160 level, it would invalidate the bullish thesis.
This move could also attract sidelined sellers and potentially trigger a 5% correction below the swing lows formed after September 11.
Read more: Top 3 altcoins to buy for next alt season: PEPE, OP, BNB
