Will FLOKI Surge Past Resistance Levels or Hit a Roadblock? Factors to Consider
Recent market activity surrounding Floki Inu [FLOKI] has been the center of attention, attracting a wide range of investors, both retail and institutional, with its consistent price uptrend. Currently valued at $0.0001504, the altcoin has gained 6.62% in the past 24 hours.
In addition to its price surge, the 24-hour trading volume has spiked by 19.81%, indicating heightened trading activity among investors.
Despite these positive developments, FLOKI seems to be reaching a critical juncture at the $0.00017480 resistance level. The question now is whether it can break through this barrier and continue its upward trajectory or experience a pullback similar to previous instances?
Assessment of FLOKI’s Chart – Resistance Looms Ahead
A closer look at the daily chart reveals that the meme coin is once again testing the $0.00017480 resistance level, a significant hurdle it has struggled to overcome during past rally attempts. With the Bollinger Bands tightening around the price, signaling reduced volatility, and the Relative Strength Index (RSI) hovering at 56.88, there seems to be room for further movement before reaching overbought conditions.
However, breaking past this resistance level will require a notable increase in buying pressure. While the technical indicators suggest a potential breakout, sustained growth in trading volume will be crucial for confirming this bullish outlook.
Exploring FLOKI’s Daily Active Addresses – Renewed Interest on the Horizon?
Interestingly, the daily active addresses for FLOKI have witnessed a slight uptick from 3,560 to 3,653, indicating a modest rise in user engagement. Yet, this figure remains significantly lower than the spikes observed earlier this year when active addresses exceeded 10,000.
While the recent increase in activity suggests a positive trend, attracting more retail participants will be essential for sustaining significant price movements in FLOKI.
Analysing FLOKI’s Liquidations – Could a Short Squeeze Boost Prices?
Within the last 24 hours, FLOKI has observed short liquidations amounting to $48.28k, surpassing long liquidations at $18.21k. This imbalance hints that bearish traders might face pressure to exit their positions, potentially driving FLOKI’s price higher.
If FLOKI successfully breaches the resistance level, it could trigger a short squeeze, amplifying its upward momentum.
Long/Short Ratio Examination – Balancing Bullish and Bearish Sentiments
The current long/short ratio stands at 0.9952, indicating a close battle between bullish and bearish forces. However, shorts hold a slight edge at 50.12%, reflecting a cautious approach among traders.
Failure to overcome the resistance level could empower bears once again, while a breakout could compel them to cover their positions, further propelling FLOKI’s ascent.
The future of FLOKI hinges on its ability to surpass the $0.00017480 resistance level. Volumes on the rise and increasing liquidations provide optimism, although sustained trader engagement remains a crucial factor in shaping FLOKI’s trajectory moving forward.