Currently, Floki [FLOKI] is trading at $0.000261, demonstrating a modest 1% increase over the last 24 hours. FLOKI has emerged as one of the leading meme coins inspired by dogs, with an impressive 78% surge in the past month.
Despite encountering strong resistance at $0.00027, technical analysis indicates the possibility of another upward trend in the near future.
Notably, the one-day chart for FLOKI is showing signs of a bullish crossover, with the 50-day Simple Moving Average (SMA) trending upwards and preparing to cross above the 200-day SMA.
While traders may have factored in this golden cross below the price, it does indicate a strengthening uptrend for FLOKI.
Furthermore, the Relative Strength Index (RSI) at 70 suggests ongoing bullish momentum. With the RSI retracing from overbought territory, there is a likelihood of FLOKI’s surge stabilizing, allowing for price consolidation.
Observing the volume histogram bars reveals a balanced struggle between buyers and sellers. Hence, it is crucial for traders to monitor the $0.00024 support level, as a breach below this point could signal the beginning of a downtrend.
Increased Activity from FLOKI Whales
Whale transactions in FLOKI have notably spiked in the last 48 hours, with large transactions soaring by over 1,000%, rising from 39 billion to 460 billion as per IntoTheBlock data.
The current whale activity around FLOKI is at its peak for the past week. Whales account for 73% of FLOKI’s holdings, leaving only 14% in the hands of retail investors. If these significant addresses become more active, they could significantly impact price volatility.
Surge in Long Liquidations
Analysis of the derivatives market indicates a sudden increase in long liquidations among traders betting on FLOKI’s continued growth.
On November 21st, long liquidations reached $641,000, marking their highest level in over a month according to Coinglass data. These liquidations might have hindered FLOKI’s rally as traders were compelled to close their positions by selling.
Monitoring FLOKI’s liquidation heatmap reveals a substantial number of longs being liquidated after the price dipped to $0.000251.
Although these positions have been closed, there remains a significant concentration of liquidations both above and below the current price. Depending on market conditions, FLOKI could gravitate towards either of these zones.
Nevertheless, the closest liquidation point is positioned above the current price, potentially supporting an upward breakout.