A resurgence of interest in Floki [FLOKI] has triggered a 7.46% surge in trading volume in the last 24 hours, propelling the memecoin’s value to $0.0001488.
The burning question now is: Will this upswing be sustained, propelling FLOKI to fresh peaks? Or might a brief decline precede a more forceful upward thrust? CryptoCrypto’s analysis delves into these potential scenarios and more as traders await the unfolding of the next moves.
FLOKI’s Chart Examination: Optimistic Tone Persists, Yet Key Obstacle Looms
The 4-hour chart signals ongoing optimism for FLOKI, but a failure to maintain levels above the critical resistance point at $0.00014572 may trigger a descent towards the support level at $0.00013981.
In case of a retracement to this support base, FLOKI is projected to resume its upward trajectory, aiming for the initial major target at $0.00016339. Nevertheless, should the current momentum endure, the token could reach this objective without encountering the expected correction.
Analyzing key technical indicators aids in forecasting FLOKI’s upcoming actions and gauging market sentiment.
Positive Sentiment Prevails for FLOKI
Technical metrics strongly imply that FLOKI’s favorable momentum persists, setting the stage for further upwards movement.
The Parabolic SAR signals robust bullish momentum, hinting at a delayed probability of the asset dipping to the indicated support level.
The Parabolic SAR’s role is to assist traders in identifying price trends and potential reversals – dots positioned beneath the price indicate an uptrend, while dots above point to a downtrend.
Likewise, the Relative Strength Index (RSI) continues ascending towards the overbought territory beyond 70. Upon reaching this threshold, FLOKI might encounter a pullback. However, at present, the asset remains firmly in a bullish stance.
Contrarily, on-chain data hints at a level of caution among market players, with some reluctance to fully endorse the rally, signaling a potential brief downturn.
Rally Faces Incomplete Backing
Traders exhibit hesitancy in supporting FLOKI’s recent surge, as both Open Interest and liquidation statistics convey a prevalent bearish sentiment.
Open Interest, serving as a gauge of market sentiment through monitoring the balance between long and short positions, continues its downward trend, reflecting a bearish environment.
Despite a 15% price upsurge in the past 24 hours, this spike is yet to exert significant influence on the chart, indicating that bears maintain dominance.
Whether pragmatic or not, here’s FLOKI’s market capitalization in BTC terms
Similarly, liquidation data – utilized to deduce market direction by examining the side incurring losses – reveals that long traders have collectively lost over $63,000 within the last day.
These signals suggest a prevailing bearish market sentiment, and unless there is a marked shift in mood or trading volume, FLOKI is likely to confront further declines.