Throughout the last month, FLOKI has displayed strong performance, yielding an 8.49% return for investors. However, the past 24 hours have seen a slight dip of 0.04%, deviating from its previously stable trajectory.
Recent developments suggest that FLOKI is set to take on a primarily bullish stance in the upcoming days.
Promising Outlook for FLOKI
FLOKI has exhibited two distinct bullish patterns on its charts. Initially, it formed a bullish triangle pattern with clearly defined diagonal resistance and support levels. Furthermore, a consolidation channel has emerged within this triangle, reinforcing the bullish sentiment.
Presently, FLOKI has successfully broken out of both the bullish triangle and the consolidation channel, highlighting the current market’s robust momentum.
If this bullish momentum persists, FLOKI may aim for its next potential targets. The initial target lies at the midpoint of the bullish triangle at 0.00016475, with the channel’s peak at 0.00021116 following closely, representing the highs reached in July and August respectively.
However, in the event of a loss of momentum, the price could retrace to the foundational support level at 0.00011573 and potentially further down to 0.00009585.
Influx of Capital into FLOKI
As of the latest data, FLOKI’s Relative Strength Index (RSI) is at 56.71, indicating a steady upward trend. This continuous growth reflects active buying of FLOKI by traders, likely propelling the price further and maintaining the upward trajectory over time.
Furthermore, the Money Flow Index (MFI) has been increasing since September 17th, signifying a notable surge in capital flowing into FLOKI. This uptick contributes to the positive, bullish outlook for the asset.
The Money Flow Index serves as a momentum indicator tracking the flow of money in and out of an asset within a specified period, assisting in evaluating buying and selling pressures.
Ongoing Trader Activity with FLOKI
According to Santiment, the volume of active addresses engaging with FLOKI has been notably high, indicating consistent trader involvement with the cryptocurrency.
When such activity aligns with price increases, it sends a strong bullish signal for the asset. This pattern suggests that FLOKI may continue to rise as more trading sessions unfold.
Overall, the escalating momentum may lead FLOKI to surmount its highest target at $0.00020994.