Floki [FLOKI] is poised for a turnaround after the emergence of a positive price pattern. Just like Cardano [ADA], Ripple[XRP], and Shiba Inu (SHIB), Floki has displayed signs of recovery in its price as of December 24, 2024.
Increasing Open Interest
As the price rebounds, there is a growing interest from both traders and long-term investors, according to data from the on-chain analytics company Coinglass. The data indicates that Floki’s Open Interest (OI) has surged by 14% within the last 24 hours.
Currently, key liquidation levels are around $0.000158 and $0.000186. Coinglass suggests that traders are overly leveraged at these points.
If market sentiment remains positive and the price climbs to $0.000186, short positions worth approximately $165.35K will face liquidation.
Conversely, in a sentiment shift leading to a price drop to $0.000158, long positions totaling around $364.17K might be liquidated.
Considering these metrics, it appears that bullish investors are in control of Floki and could propel the memecoin further in the current uptrend. The increasing interest and significant long positions are likely influenced by market sentiment and Floki’s recent price movements.
Technical Analysis and Crucial Levels
Based on CryptoCrypto’s analysis, Floki has formed a bullish morning star candlestick pattern near the critical support level of $0.00016 and the 200 Exponential Moving Average (EMA) on the daily chart.
Despite this positive indication, the coin is currently facing resistance at the $0.000175 level.
Given recent price trends and historical performance, a breakout above the $0.000175 resistance could result in a 15% surge to reach $0.00021.
The bullish outlook for Floki remains valid if it manages to close a daily candle above $0.000175; otherwise, the reversal may not materialize.
At the time of writing, Floki was trading near $0.000175, showing a 3.2% increase in the past 24 hours. However, trading volume decreased by 14%, indicating reduced engagement from traders and investors compared to the previous day.