As of the latest update, FLOKI coin was priced at $0.000194, showing a 6.01% decrease in the last 24 hours. Despite this short-term dip, the coin has managed to climb by 40.72% in the past week, indicating a significant upward trend.
Trading volume within 24 hours stood at $1.37 billion, signifying continued high trading activity even amid the recent price correction.
With a circulating supply of 9.7 trillion coins, FLOKI’s market capitalization was reported at $1.88 billion. The recent price drop might be viewed as a normal retracement after the substantial gains observed recently.
Key Levels of Support and Resistance
Technical analysis highlighted important price levels, with the upper Bollinger Band positioned at $0.00021499, likely presenting a resistance level for the coin.
On the downside, $0.00009907 served as a crucial support level, indicating a point where buyers could enter the market.
Located near $0.00014949, the midline of the Bollinger Bands acted as a pivot point that could switch between support and resistance, depending on price dynamics.
At the current time, the Relative Strength Index (RSI) hovered around 64, signaling a bullish sentiment without reaching overbought territory.
Additionally, the Moving Average Convergence Divergence (MACD) displayed positive momentum, while the Chaikin Money Flow (CMF) reading of 0.18 suggested consistent buying pressure, supporting the prevailing uptrend.
Adjustments in the Futures Market
Open Interest in FLOKI Futures had declined by 10.05%, totaling $28.48 million in the most recent update.
This decrease pointed towards a reduction in leveraged positions, potentially as traders locked in profits or minimized risks amid market volatility.
Despite this drop, trading volume in the Futures market had increased by 5.10% to $303.35 million, indicating ongoing activity within this segment. This suggested that while some traders adopted a cautious approach, others remained active, anticipating further market movements.
Potential Network Expansion on the Horizon
There has been a notable surge in on-chain activity for FLOKI in the past week, with new addresses witnessing a 331.93% rise and active addresses increasing by 233.42%, pointing towards a growing user base.
These metrics indicate increased participation within the FLOKI ecosystem as more wallet addresses engaged in transactions.
Furthermore, the number of zero balance addresses has spiked by 306.67%, potentially indicating heightened speculative activity or fund consolidation across wallets.
These trends hint at a widening network adoption boosted by recent market interest and price fluctuations.