Over the course of 24 hours, FLOKI crypto has experienced a notable 24% increase amidst growing market attention, representing the second stage of a rally that saw a 42.5% rise in the past week.
The current price movements indicate a strong upward trend, with analyses from CryptoCrypto suggesting the possibility of the rally extending further, albeit with some uncertainty due to mixed market sentiment.
FLOKI’s Positive Trajectory
As of now, FLOKI demonstrates bullish momentum by breaking out from a triangular pattern, signaling a potential increase in trading activity above its current position.
As the rally unfolds, FLOKI is likely to encounter significant resistance at $0.000208749, where notable sell orders may hinder additional gains.
However, if FLOKI surpasses this level, there is a chance for the token to rally towards $0.000349000, marking a critical target and its highest point since inception.
Technical indicators also support this positive outlook, with the Parabolic SAR indicating an upward trajectory and the Money Flow Index (MFI) at 74.03, indicating substantial buying interest and liquidity inflow.
Should these bullish trends persist, FLOKI is likely to surpass its current objectives and potentially set a new all-time high.
Bright Prospects for FLOKI?
An analyst’s chart suggests that FLOKI is in a consolidation phase and could mirror the bullish patterns observed in other tokens in the market.
This consolidation phase is typified by a descending channel, a pattern often indicative of an upcoming bullish trend.
Breaking out of this channel will lead FLOKI to face a significant resistance zone, marked on the chart by an orange rectangle, which has historically impeded upward movement.
Surpassing these resistance levels could pave the way for what the analyst believes is an inevitable new all-time high for the token.
Whales on the Sidelines as Retail Traders Shed FLOKI
Current data indicates that whales have not actively engaged with FLOKI, reflecting a balance in their trading activity.
On the other hand, the “Bulls and Bears” indicator from IntoTheBlock, which assesses market sentiment among major holders, currently shows neutrality, with an equal number of whales both buying and selling.
Conversely, retail traders seem to be selling off, evident in the increased number of active addresses and long liquidations amounting to $587,290.
This shift implies a predominantly bearish sentiment among market participants, potentially exerting downward pressure on FLOKI’s price.