- FLOKI could soar by nearly 50% to reach $0.00021 if it closes its daily candle above the $0.000139 level.
57.52% of top traders held long positions at press time, while 42.48% held short positions.
As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I’ve seen my fair share of bull runs and bear markets. The current situation with Floki [FLOKI] has certainly piqued my interest.
Following nearly four weeks of consolidation, the well-liked meme token FLOKI appears ready to experience a substantial upward price trend in the face of the current turbulent cryptocurrency market.
starting from late August 2024, the price of FLOKI has been tightly confined within a small range, fluctuating between approximately $0.000115 and $0.000132.
However, the potential reason for this significant rally of over 50% is its bullish on-chain metrics, an impending breakout at the $0.000136 level, and an upcoming marketing announcement scheduled for the 24th of September, as shared by the FLOKI community.
Here’s why FLOKI could soar by 50%
Based on AMBCrypto’s technical assessment, a potential breakout from the downward trendline occurred with FLOKI, but it struggled to build up speed, encountering significant opposition around approximately $0.000136 at the present moment.
The asset’s price was consistently lower than its 200-day Exponential Moving Average (EMA), suggesting a prolonged downward trend in the daily chart.
The 200 EMA is a technical indicator that traders and investors often use to determine whether an asset is in an uptrend or downtrend.
If FLOKI ends its daily trading period above the price point of $0.000139, there’s a good chance it might experience a significant surge, potentially increasing by around 50% to hit approximately $0.00021 within the near future.
Bullish on-chain metrics
As a crypto investor, I’m optimistic about the current market situation because of some compelling on-chain indicators. Specifically, as per the analysis by Coinglass, the Long/Short Ratio for FLOKI stood at 1.34 at the moment this was written, suggesting that traders are generally bullish towards this coin.
Moreover, the Futures Open Interest experienced a growth of 7.3% within the last 24 hours and an additional 3.2% increase in just the previous four hours.
The increasing number of open trades indicates that traders might be preparing to establish additional long positions, hinting at a possible breakout ahead.
Investors and traders frequently construct long positions by utilizing a strategy that includes an increase in Open Interest along with a Long/Short Ratio surpassing 1.
As of the current report, about 57.52% of leading traders have taken a ‘buy’ stance on this asset, whereas approximately 42.48% are in a ‘sell’ position. This suggests that the bullish sentiment is prevailing among traders.
Current price momentum
As I write this, I find FLOKI trading around 0.000133 USD. In the past 24 hours, there’s been a notable increase of approximately 0.90%, which is quite significant for our ongoing research and analysis.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
Over that timeframe, there was a 38% boost in trading activity, suggesting more involvement from market players.
As an analyst, I’ve observed that most cryptocurrencies, such as Bitcoin [BTC], Solana [SOL], and XRP, have been grappling with maintaining momentum over the last 24 hours up until now.
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2024-09-23 19:03