YEREVAN (CoinChapter.com) – Floki Inu token, one of Dogecoin’s many descendants, jumped 20% on Jan 17 after the announcement about a key partnership with Binance Pay. However, on Jan 18, Floki bulls followed Bitcoin’s lead instead, and the rally stalled, leaving FLOKI price at 0.00001036 (1.03e-4).
Floki Inu price consolidates sideways
Floki Inu news did not have a lasting effect on the FLOKI coin price, as the latter stalled near a significant resistance on Jan 18. However, the digital asset broke out from a ‘symmetrical triangle’ on Jen 13, as shown in the chart below.
The pattern entails two converging trendlines with a similar slope. They connect the swing highs and lows, gradually decreasing the amplitude. The formation does not specify a future bias for the underlying asset. However, it does predict a sharp move equal to the maximal triangle height. In a bullish scenario, the triangle pins the Floki Inu price target at either 2.09e-4. In case of a decline- at 0.48e-4.
Also read: Shiba Inu Coin Pumps 20% Following Shibarium Test-Net Announcement.
As the Floki Inu token broke the pattern to the upside, it might double in price to meet the bullish target. However, it is crucial to take the broader market into account. If Bitcoin declines in the coming sessions, the Floki Inu price is likely to follow suit.
Meanwhile, the key partnership could benefit the altcoin, raising the chances for a successful three-digit rally.
Floki partners with Binance Pay
Floki Inu token page announced the news on Jan 17, thanking Binance for the “trust.” According to the tweet, Binance pay will handle the payments in the upcoming Floki Inu merchandise store – Shop Floki. The latter introduces “unique items and fashion pieces for yourself, your loved ones, and even your favorite pets.”
“Shop Floki will go live and start taking orders on the 19th of Jan by 8 PM UTC,” read the announcement below.
Floki will be working with the Binance Pay team on a special marketing campaign. When this campaign starts, Binance Pay will feature Floki’s campaign on their homepage for one month and send a push notification about the campaign to tens of millions of Binance App users.
specified the Floki page.
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Notably, The Binance App is one of the leading crypto apps. It has had over 50 million downloads on the Google Play store and “many more downloads on the Apple store as well,” according to Floki’s announcement. However, the FLOKI token is NOT listed on Binance, and Floki coin followers noted that fact in the comments.
However, some users pointed out that Binance should possibly wait until the bear cycle is over before listing Floki.
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