FLOKI digital currency has been making headlines due to a series of positive developments, particularly its recent addition to the Ethereum-powered Coinbase platform.
This significant milestone was accompanied by the all-time high Total Value Locked (TVL) of $189.8 million for this meme-based coin, highlighting its growing popularity among users.
Currently, FLOKI is being traded at $0.0002579, showing a daily increase of 5.96% in value.
Furthermore, the 24-hour trading volume has soared by 148.19% to $1.39 billion, indicating a surge in trader interest.
These developments have raised speculations about the potential for a sustained upward trend for FLOKI.
Positive Breakout Signals for Floki
An analysis of Floki’s price movements reveals a bullish breakout from a flag pattern on its weekly chart, typically indicating the start of a strong upward trend.
The cross of the 9- and 21-period Moving Averages (MA) confirms this positive sentiment, with the 9-period MA surpassing the 21-period MA, suggesting a continued upward trajectory.
Additionally, the Relative Strength Index (RSI) currently stands at 64.18, providing further encouragement. While approaching the overbought territory, the RSI indicates room for further price appreciation.
These technical signals suggest that FLOKI could maintain its upward momentum in the days ahead.
Strength in Network Growth?
On-chain metrics also support the optimistic outlook for FLOKI. Net Network Growth has increased by 2.53%, indicating a growing number of participants entering the ecosystem.
Moreover, there has been a gradual improvement in token concentration, reflecting increasing investor confidence in FLOKI’s potential.
However, a decline of 10.71% in large transactions suggests caution among major holders, while retail interest continues to rise, potentially as institutional investors observe from a distance.
Rising Investor Sentiment
The surge in Open Interest for Futures contracts by 22.19%, now at $39.25 million, underlines investors’ heightened anticipation of future price movements.
Combined with the predominantly positive sentiment towards the token, it is evident that enthusiasm for FLOKI is on the rise, which could translate into increased price volatility in the short term.
Is Floki on the Verge of a Breakout?
With a favorable technical setup, robust on-chain metrics, and growing investor sentiment, Floki appears poised for further growth.
Having already experienced price momentum post its Coinbase listing, FLOKI seems well-positioned for continued expansion in the upcoming period.