- FLOKI surged by 11.28% on the weekly charts.
The shift in market sentiment saw increased investor favorability for the memecoin.
After years of analyzing and navigating through the complexities of the crypto market, I can confidently say that Floki’s recent surge is not just a flash in the pan but a sign of potential growth. The strong bullish momentum and positive market sentiment are reminiscent of a well-trained dog chasing its tail – once it starts, it doesn’t seem to want to stop!
Over the last seven days, following several challenging months, memecoins have started to reverse their downward trend. In this positive shift, the cryptocurrency FLOKI appears to be undergoing a possible change in direction as well.
Currently, FLOKI is being traded at approximately 0.0001481 USD. Over the previous day, this figure represents a 5.4% rise. Furthermore, during the past seven days, FLOKI experienced an uptrend of 11.28%.
Previously, FLOKI was trending negatively, dropping approximately 8.07% each month. But after reaching a low point of $0.000111, the recent growth has surpassed the declines.
Despite these gains, FLOKI remained 57.41% below its ATH of $0.0003462 recorded four months ago.
Given the present market situation, it’s worth contemplating if FLOKI is about to experience a prolonged revival or simply a price adjustment influenced by market speculation.
As a researcher, I observed an intriguing development in my analysis of Floki. The memecoin exhibited a significant uptrend, breaking through its prolonged downward trendline.
What FLOKI’s charts suggest
According to AMBCrypto’s analysis, Floki was experiencing a strong uptrend at press time.
The Aroon line indicated a robust upward trend for the memecoin, as the Aroon Up reached 100%, while the Aroon Down remained at 28.5% below. Consequently, the memecoin had recently achieved significant highs.
At this point, it appears that FLOKI is experiencing robust upward pressure, implying that buyers have significant control over the market.
The Directional Movement Index lends additional evidence to our finding. Currently, the positive index standing at 24.54 surpasses the negative index at 14.5, indicating that the upward trend continues.
Over the last three weeks, the total amount that could be liquidated from FLOKI has decreased significantly. Specifically, the long position liquidation has fallen dramatically from approximately $356,800 to just $11,900 as of the current press update.
This showed investors’ confidence in the memecoin’s prospects, anticipating prices to rise.
The favorable outlook for this market is reinforced by a high OI-Weighted Funding Rate, implying that the majority of investors are opting for long positions, and some are even prepared to pay extra to maintain them.
This is another sign of market confidence.
To summarize, the volume of incoming tokens has decreased significantly during the last week, dropping from a peak of approximately 4.63 billion tokens to just 7.06 million at the current reporting.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
This action indicated a hoarding tendency among investors, as they moved their investments into personal and offline storage (private/cold wallets). This market conduct suggested that investors expected future price increases.
To clarify, FLOKI was showing robust optimism among investors at the moment of reporting. If the existing market trends persist, this meme coin is expected to surpass its notable resistance point of $0.000161 within a brief period.
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2024-09-26 23:35