- FLOKI launched a crypto tokenization platform called TokenFi, which made FLOKI spike drastically.
- The 10 billion token supply will be split between BSC and ETH chains.
- If the bulls keep pushing FLOKI, it could reach $0.000055 very shortly.
FLOKI recently launched a crypto and asset tokenization platform named TokenFi. This platform was launched to tap into the tokenization industry which is forecast to be 16 trillion dollars by 2030. TokenFi, with the ticker TOKEN, aims to simplify the crypto and asset tokenization process and eventually become the foremost tokenization platform in the world.
Moreover, as per FLOKI’s tweet, the website will be launched on October 27, 2023. The total supply of 10 billion tokens will be split across BSC and ETH (5 billion tokens on each chain). When looking at the price action of FLOKI for the past week, it could noted that there was a drastic increase.
FLOKI was trading at $0.0000185 when the markets opened for trading for this week. However, it gained value and started to fluctuate between the $0.000025 and $0.000030 levels until the fifth day. On the sixth day, FLOKI started its upward movement and started making higher highs.
FLOKI reached its highest price of $0.000041 earlier today.
FLOKI is descending inside a falling wedge as shown in the above chart. Just before the break, its prices have been more aligned towards the lower trendline. However, with the announcement of TokenFi, the token seems to have received some attention from the masses as it spiked. Currently, FLOKI may have some more energy to move in the upward direction. The above assumption could be justified by considering the rise of FLOKI.
Usually, when a crypto breaks out of a falling wedge, it will rise by the height of the wedge at the initial stages of formation. There seems to be some momentum left for the bulls to keep going upward. Hence, there is a chance that FLOKI may reach $0.000056.
Moreover, the bullish thesis could also be supplemented by considering the Point of Control. The Yellow line on the chart shows that FLOKI is currently near the price where most units were sold. Hence, this increases the chance of spiking.
However, if FLOKI crashes, it may seek support from $0.00021 and 0.0000080 if the bears are dominating the market.
Disclaimer:The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by Bits Logics are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.