FLOKI price eyes bullish continuation as correction targets major support zone

FLOKIs breakout above the 200-day moving average was a major development for bulls, confirming that the long-standing downtrend has been broken. Price action was impulsive during the breakout and accompanied by strong volume, suggesting genuine market interest. The coin has now begun to retrace, but this appears to be a standard corrective structure, a higher low forming before continuation.

The area just below the current price carries significant technical weight. The upsloping channel support lines up closely with the 0.618 Fibonacci retracement of the recent rally, the value area low from the current range, and a key swing low. This creates a high-confluence support zone, which often acts as a magnet for price and a potential launchpad for the next bullish leg.

Being a meme coin, FLOKI is known for fast, aggressive movements once trends gain traction. Previous corrections during this trend have been sharp but short-lived, with quick recoveries that push price back toward the channel high. The same pattern could repeat here if buyers step in at the confluence level.

What to expect in the coming price action

If FLOKI holds the current support zone, a rally toward the channel high is likely, especially if volume begins to increase again. However, if this level fails, price may revisit internal weekly support further below. For now, the trend remains bullish, and traders should watch for confirmation of a higher low before entering.