Despite facing a downturn in the previous month, the cryptocurrency market is demonstrating resilience as FLOKI, the digital asset, has witnessed a significant surge of 15.86% in the past week, igniting expectations for continued growth.
Within the last 24 hours alone, FLOKI has experienced a 3.58% increase in value, backed by optimistic technical patterns and indicators hinting at further upward movements.
Clear Signs of Bearish Momentum
FLOKI recently shattered a symmetrical pattern that had been forming since early August, moving within the boundaries of this formation.
Typically indicating a bullish trajectory, this pattern was confirmed by the breach of the upper resistance line, an achievement initially made by FLOKI before slightly retracting at present.
While this temporary pullback aligns with common price dynamics, FLOKI remains poised to reach the peak of the channel at 0.00016248.
Observing the breach of the Fair Value Gap (FVG) supply zone, ranging from 0.00013575 to 0.00014098, CryptoCrypto predicts an imminent rally with this zone now acting as a support level for FLOKI.
Consistent Increase in Liquidity Inflows
By utilizing the Money Flow Index (MFI) to evaluate the potential inflows and outflows of funds in FLOKI, positive indications suggest the asset is primed for further appreciation.
The current MFI value of 79.8 indicates active investment in FLOKI by traders and investors.
However, should the MFI surpass the 80 threshold, FLOKI may enter the overbought territory, potentially leading to a cooling-off period as market activity intensifies.
Short Sellers Encounter Losses amid FLOKI’s Upward Trajectory
Short traders who bet against FLOKI are witnessing substantial losses, as evidenced by liquidation data sourced from Coinglass.
Presently, over $18.9k has been lost by short traders due to adverse price movements and inadequate margins to sustain their positions.
Additionally, there has been a notable surge in Open Interest for FLOKI, marking an 8.94% increase within the past 24 hours, soaring to $21.69 million from a previous low of $17.78 million on September 23.
These recent developments serve as robust bullish signals, potentially driving FLOKI towards its short-term price target of $0.00016248.