Despite a recent dip, the market is displaying signs of resilience. FLOKI has seen a notable surge of 15.86% in the past week, with expectations of continuous growth.
In the last 24 hours, FLOKI has gained 3.58% in value, supported by promising technical patterns and indicators pointing towards further progress.
Indicators of Bearish Momentum
FLOKI recently broke out of a symmetrical pattern that started taking shape in early August, fluctuating within this established structure.
Typically, this pattern suggests a bullish trajectory, confirmed by breaching the upper resistance line—an action FLOKI took initially. However, there has been a slight retreat at the current moment.
Such retracements are common in price movements, yet FLOKI remains on course to reach the peak of the pattern at 0.00016248.
CryptoCrypto foresees an imminent upsurge, following FLOKI’s breach of the Fair Value Gap (FVG) supply zone, ranging from 0.00013575 to 0.00014098, now acting as a support zone.
Consistent Increase in Liquidity Inflow
By employing the Money Flow Index (MFI) to evaluate potential money inflows and outflows in FLOKI, indications point to the asset being favorably positioned for further advances.
Currently, the MFI stands at 79.8, signifying active investor interest in FLOKI.
Nevertheless, if the MFI surpasses the 80 threshold, FLOKI would enter the overbought territory.
This suggests that while buying activity may intensify, a period of price stabilization could follow due to heightened market participation.
Short Sellers Encounter Losses Amid FLOKI’s Ascendancy
Short traders who bet against FLOKI are facing significant losses, as evidenced by liquidation data from Coinglass.
Presently, short traders have lost over $18.9k due to adverse price movements and inadequate margins to uphold their positions.
Moreover, Open Interest in FLOKI has surged, marking an 8.94% rise in the last 24 hours, reaching $21.69 million from a previous low of $17.78 million on September 23.
These developments present strong positive signals, potentially driving FLOKI towards its short-term price objective of $0.00016248.