Standing at the brink of a notable 20% price upturn, the well-liked Floki [FLOKI] memecoin has seen a recent breakthrough of a pivotal resistance level. This breakthrough in FLOKI came concurrently with a shift in the general market sentiment from bearish to bullish.
Will FLOKI’s 9% Jump Sustain the Rally?
Fueled by this optimistic sentiment, FLOKI was hovering around $0.000144 at the time of writing and has witnessed a substantial surge of more than 9% over the past 24 hours.
However, there has also been a surge in trader and investor involvement, with its trading volume spiking by 78% during the same period. This surge indicates the community’s sentiment regarding this recent breakthrough.
FLOKI Analysis and Critical Levels
Based on CryptoCrypto’s technical analysis, FLOKI is displaying bullish tendencies and is likely to rally soon. Since September 27th, this memecoin has been on a downtrend, forming a descending trendline where it consistently encountered resistance.
Nevertheless, with the recent price surge, FLOKI broke through that resistance and closed a four-hour candle above the $0.00001442 horizontal level. There is a strong chance that the meme coin could surge by 20% to hit the $0.000177 mark in the upcoming days.
At the time of writing, FLOKI was trading above the 200 Exponential Moving Average (EMA) in a four-hour time frame, signaling an uptrend. However, on the daily time frame, it is meeting resistance from the 200 EMA.
Another key technical indicator, the Relative Strength Index (RSI), is indicating a bullish momentum, as its value suggests that the meme coin is in an oversold territory. Traders and investors often consider the RSI value when establishing long or short positions.
Bullish On-Chain Indicators
It’s not just the technical analysis pointing towards a bullish FLOKI poised for an upswing; several on-chain metrics are also reinforcing this optimistic outlook.
According to on-chain analytics provider Coinglass, FLOKI’s long/short ratio currently sits at 1.509, indicating a strong bullish sentiment among traders.
Furthermore, its future open interest has risen by 4.2% in the past 24 hours, showing a consistent upward trend. This uptick in open interest reflects increasing trader interest amidst a market reversal.
Presently, 60.15% of leading traders are in long positions, while 39.85% hold short positions.
By combining the technical analysis and data from on-chain metrics, it is evident that bulls are currently in control of the FLOKI meme coin, with a high likelihood of a 20% surge in the days ahead.