FLOKI Token’s Recent Progress Might Drive Price Surge to $0.00018
Throughout the previous month, Floki [FLOKI] encountered significant selling pressure, resulting in the meme coin dropping to a low of $0.00014.
Nevertheless, the last 24 hours have shown encouraging signs for Floki, with a modest recovery taking place. Currently, Floki is trading at $0.000166, indicating a 4.17% increase in daily trading.
During this same timeframe, the trading volume spiked by 61.4%, reaching $231.7 million. These gains suggest a potential turnaround in the market following an extended period of decline.
Is Floki on the path to recovery?
According to the analysis by CryptoCrypto, Floki is witnessing a strong upward momentum as buyers re-enter the market.
An evident uptrend can be observed after Floki experienced a bullish crossover on two fronts. The MACD indicator displayed a bullish crossover, signaling a strengthening upward momentum.
This bullish sentiment was further supported by a recent crossover on the Stoch RSI, indicating a positive trend two days ago.
Moreover, there was increased activity among Floki whales, as indicated by a surge in large transactions. Over the past day, large transactions skyrocketed by 122%, following a week-long period of heightened whale activity.
With the rise in trading volume and bullish crossovers, it appears that whales are actively accumulating Floki.
Furthermore, the NVT ratio, correlating network value to transaction volume, has dipped into negative territory, suggesting a potential market bottom. In the past, such levels of the NVT ratio have preceded price rebounds.
With the sustained downtrend, it indicates that the market has become oversold, presenting an opportunity for buyers to re-enter at lower price levels.
Lastly, Floki’s MVRV ratio has signaled a potential reversal towards an upward trend. In the last 48 hours, the MVRV ratio increased to 2.5 after dropping to 2.2.
Looking back, when the memecoin’s MVRV falls below 2.5 historically, it has signaled a potential recovery as buyers step back into the market at reduced prices, propelling prices higher.
In summary, amidst positive sentiments in the crypto space, Floki demonstrates signs of a potential rebound. The meme coin appears to have reached a local bottom, setting the stage for a likely trend reversal. Should these positive trends persist, Floki could target $0.00018. However, if selling pressure intensifies, the coin might retreat to $0.00015.