- Market sentiment around FLOKI remained bullish as its Altrank hit #1
- While FLOKI’s price dropped by 5% in the last 24 hours, indicators hinted at a trend reversal
As an experienced analyst, I have closely followed the price action of FLOKI and have observed its recent developments with great interest. While market sentiment around FLOKI remained bullish as its Altrank hit #1 on various social media platforms, the memecoin’s price dropped by 5% in the last 24 hours, according to CoinMarketCap.
A few days ago, FLOKI surpassed a bullish chart configuration, signaling the potential for continued price upward momentum. Recent data suggested that this memecoin was progressing favorably and approaching its objectives. Additionally, a significant proposal was recently approved, which could potentially lead to additional growth as depicted on the charts.
A lot is happening with FLOKI
Expert: In a recent tweet, the well-known crypto analyst, World of Chart, pointed out that the price of FLOKI surpassed the resistance level of a bullish symmetrical triangle formation. This triangle pattern emerged for FLOKI in March and was broken a few days prior to the post.
A surge in the value of the memecoin could lead to a doubling of its current price following the recent breakout mentioned in the tweet. Additionally, FLOKI has shown positive growth, increasing by more than 15% since this significant price movement occurred.
As a researcher investigating the latest developments in the memecoin community, I’ve come across an exciting update from FLOKI DAO regarding a major proposal. According to their official X handle, this proposition received overwhelming approval during their recent vote. Specifically, 99.84% of the community members cast their votes in favor of burning a massive amount of 15,246,000,000 FLOKI tokens.
The deflationary trait of FLOKI could potentially benefit the token in the long run. By burning tokens, the amount in circulation is reduced, which can lead to an increase in the asset’s price due to supply and demand dynamics.
There is one concern
As a crypto investor, I’ve been closely following the latest developments in the market, and two particular pieces of news had me feeling optimistic. However, upon closer examination, things didn’t quite live up to my expectations. According to CoinMarketCap, the price of the memecoin I was interested in took a hit, dropping by almost 5% within the past 24 hours.
Currently, the value of the memecoin is sitting at $0.0002121 in the markets, while its market capitalization exceeds the $2 billion mark. Yet, it’s important to note that this trend could shift rather quickly.
As a researcher, I’ve recently come across an intriguing piece of information from LunarCrush’s latest tweet. According to the post, FLOKI’s Altrank metric has reached the top spot. For those unfamiliar with the term, Altrank is a composite measure that takes into account both special and market activity. Based on this data, it seems that FLOKI’s price may be set for an uptick in the near future, as suggested by its Altrank metric.
To check if that’s the case, AMBCrypto examined Santiment’s findings. Based on our assessment, even with the recent price decrease, the memcoin’s market sentiment remained favorable as indicated by its high weighted sentiment. Additionally, its MVRV ratio was more than 25% – a bullish indication.
Despite the memecoin’s funding rate rising, this situation might lead to potential complications. Normally, the price trend opposes the funding rate direction.
Instead of just focusing on the MVRV ratio and sentiment analysis, some other promising signs were observed in the FLOKI market indicators. The Bollinger Bands signaled that the asset’s price was above its 20-day Simple Moving Average (SMA), suggesting potential price growth. Furthermore, both the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) exhibited positive trends, indicating a possible shift from the bearish market trend towards a bullish one soon.
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2024-05-17 09:11