Floki price surged 15% to $0.00013 during the U.S. trading session on Tuesday. Bucking the broader market uncertainty, this meme cryptocurrency witnessed a notable inflow amid the visibility in the English Premier League. Will the recovery be sustained?
Floki Price Eyes Rally with EPL Exposure
Floki, the dog-themed meme coin, blends playful meme culture with growing real-world utility. As part of a new one-year agreement, the FLOKI token and its play-to-earn Valhalla game will be prominently featured across various English Premier League (EPL) platforms.
The Premier League is the highest level of the English football league system, contested by 20 clubs. The Floki token is in partnership with Nottingham Forest, while their Valhalla game is printed on the Sunderland AFC jersey.
At #Floki we don’t just talk.
This is only the beginning…
To #Valhalla 📯 https://t.co/kvivsZSUx3 pic.twitter.com/6AMmbQwm9C
— Sabre (@SabreEthereum) August 9, 2024
This sponsorship also includes Floki being featured as an on-screen ad throughout all league games. This will allow the meme cryptocurrency to gain massive exposure and recognition thrice from millions of football fans. Such advertisements often provide brand awareness and drive demand for the associated cryptocurrency.
Therefore, the Floki price could gain significant momentum in the coming months, bolstering buyers to end its 11-week correction.
Floki Coin Signals Major Breakout
The Floki price has witnessed a steady correction since June 2024 amid the formation of a falling wedge pattern. The bearish turnaround has tumbled the asset from $0.000349 to $0.000126, registering a loss of 63.7%
However, the FLOKI price is up today, and a breakout from the resistance trendline of the wedge pattern is teased. This flip of the overhead trendline into potential support will accelerate the bullish momentum and project the initiated signal of a trend reversal.
The daily Relative Strength Index (RSI) slope climbing towards the 50% line accentuates the bullish sentiment returning to this asset. The post-breakout rally could chase a $0.00021 high, registering a potential gain of 67%.
FLOKI/USDT – 1d Chart
On the other hand, a death crossover from the 50-and-100-day Exponential Moving Average could overturn the bullish thesis. If the breakout fails, the Floki price will fall 20% to test $0.00002 support.
Frequently Asked Questions (FAQs)
What is the current technical outlook for Floki Coin? Floki Coin is showing a potential breakout from a falling wedge pattern, with the daily RSI climbing toward 50%, signaling bullish momentum.
The sponsorship deals with EPL teams are expected to increase brand awareness, potentially driving demand and supporting a price rally in the coming months.
If the breakout fails, Floki could face a 20% decline, testing support at $0.00002.
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Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
