Over the last week, meme-inspired cryptocurrencies have seen a shift in trends following a prolonged period of challenges. In the midst of this positive movement, Floki [FLOKI] has shown signs of a potential change in direction.
At the current moment, FLOKI is being traded at $0.0001481, reflecting a 5.4% surge in the past 24 hours. Moreover, the memecoin has witnessed an 11.28% increase over the previous week.
Prior to this, FLOKI had been on a downward trajectory, experiencing a decline of 8.07% on a monthly basis. However, the recent gains have managed to offset the earlier losses after hitting a low point of $0.000111.
Even with these recent gains, FLOKI still remains 57.41% below its all-time high (ATH) of $0.0003462 recorded four months ago.
Consequently, the current state of the market sparks the question of whether FLOKI is on the brink of a sustained recovery or simply undergoing a corrective phase driven by market speculation.
On that note, analysis from CryptoCrypto points towards a significant uptrend for Floki, breaking above its long-standing descending trendline.
Interpreting FLOKI’s Graphs
According to CryptoCrypto’s findings, Floki is currently in the midst of a robust uptrend.
The Aroon line underscores this trend, with Aroon Up standing at 100%, exceeding Aroon Down at 28.5%. This signifies a strong bullish momentum and suggests that buyers are dictating the market movements.
Further confirmation of this bullish momentum comes from the Directional Movement Index. The positive index reading of 24.54 surpasses the negative index figure of 14.5, indicating a sustained uptrend for the memecoin.
Delving deeper, it is noted that FLOKI’s total liquidation has declined over the past three weeks. Consequently, the liquidation of long positions has dropped from $356.8k to $11.9k at present.
This data hints at investors’ growing confidence in the future prospects of the memecoin, anticipating a rise in prices.
Another positive indicator is the OI-Weighted Funding Rate, highlighting a bullish sentiment among most investors who have opted for long positions, agreeing to pay a premium to maintain their positions.
All these signals point towards a prevailing market optimism for FLOKI.
Moreover, there has been a decrease in the exchange inflow over the past week, declining from a peak of 4.63 billion tokens to 7.06 million at present.
This reduction signifies a tendency towards holding assets in private and cold wallets, reflecting investors’ anticipation of further price hikes.
In essence, FLOKI is currently encapsulated by a positive market sentiment. If the existing market conditions persist, the memecoin is expected to surpass the next notable resistance level at $0.000161 in the near future.