As the cryptocurrency market continues to move in a generally bullish direction, meme coin Floki (FLOKI) is one of its best performers, particularly as it has reached heights unseen since its launch, and machine learning and artificial intelligence (AI) algorithms predict even more advances.
Indeed, Floki could continue to grow its price during March, perhaps even hitting $0.000224 by March 31, 2024, according to the latest projections by the advanced machine learning algorithm at the crypto analytics platform PricePredictions retrieved on March 8.
FLOKI 1-month price forecast. Source: PricePredictions
In other words, Floki could race another 11.87% from its current price, provided that the algorithm’s forecast, based on technical analysis (TA) indicators like average true range (ATR), relative strength index (RSI), and Bollinger Bands (BB), proves correct.
FLOKI 7-day price chart. Source: Finbold
At the same time, real-time sentiment on Floki’s technical gauges is exceptionally optimistic, pointing at a ‘strong buy’ on all of its observed timeframes, including the 1-week one, based on oscillators suggesting a ‘buy’ at 3 and moving averages (MA) in the ‘strong buy’ zone at 8.
Floki 1-week technical gauges. Source: TradingView
Bullish factors
Notably, the massive price increase for Floki follows the announcement of its DAO that it would burn more than 190 billion FLOKI tokens within a week to ensure “long-term security and stability,” as it decided through a vote held on March 2, thus effectively making the token scarcer and more valuable.
IT'S OFFICIAL: FLOKI DAO PASSES VOTE TO BURN 190,918,585,431.84 FLOKI TOKENSThe #Floki DAO has voted in favor of burning 190,918,585,431.84 $FLOKI tokens. At the current market value, this is worth over $24 MILLION.In line with the decision of the Floki DAO, the tokens will… pic.twitter.com/uGu0XFU5p9
— FLOKI (@RealFlokiInu) March 2, 2024On top of that, the price rally coincides with a wider meme coin frenzy that has also fueled the resurgence of other meme coins, including the established players like Shiba Inu (SHIB) and Dogecoin (DOGE), but also Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF), which have reached their ATHs as well.
Meme coins rallying. Source: CoinMarketCap
All things considered, Floki could, indeed, continue to skyrocket, making new records along the way, provided it retains the bullish momentum triggered by the renewed popularity of meme coins and its burning event. However, the situation could easily change, so doing one’s own research is critical.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
