- 60.15% of top FLOKI traders hold long positions, while 39.85% hold short positions.
FLOKI was trading above the 200 Exponential Moving Average at press time, indicating an uptrend
As a seasoned analyst with over two decades of experience in various financial markets, I’ve seen my fair share of market trends and shifts. The recent surge in FLOKI, the memecoin that took the crypto world by storm, seems to be following a promising trajectory.
As an analyst, I’m observing a promising forecast for the memecoin, Floki [FLOKI]. It seems primed for a substantial 20% price jump based on its recent breach of a crucial resistance level. This breakthrough in FLOKI’s price action coincides with a shift in the overall market sentiment from a downtrend to an uptrend.
FLOKI jumps 9%, will the rally continue?
At the current moment, FLOKI was approximately valued at $0.000144 per token. In the previous day, it saw an impressive increase of more than 9%.
On the other hand, an increase in engagement from traders and investors was also noted, with the trading volume surging by a significant 78% within the same timeframe. This underscores the enthusiasm within the cryptocurrency community regarding this recent market surge.
FLOKI technical analysis and key levels
Based on the technical assessment by AMBCrypto, the cryptocurrency FLOKI seems poised to increase significantly. Starting from September 27th, this memecoin has been experiencing a downward slope and has created a descending trendline, against which it has repeatedly encountered resistance.
Due to the latest price increase, FLOKI managed to break through its resistance and ended a four-hour candle above the $0.00001442 mark. It seems quite plausible that this meme coin may rise by around 20% to hit the $0.000177 level in the near future.
Currently, FLOKI is being traded at levels higher than its 200 Exponential Moving Average (EMA) on a four-hour scale, suggesting an upward trend. However, when viewed in a daily timeframe, the 200 EMA serves as a barrier for FLOKI.
The popular technical indicator known as the Relative Strength Index (RSI) suggests a positive trend, as it indicates that the meme coin is currently undervalued or oversold. This information is crucial for traders and investors, as they often use the RSI to help them decide whether to establish long or short positions depending on its current value.
Bullish on-chain metrics
Beyond merely technical indications, there’s strong evidence pointing towards a bullish trend for FLOKI, with numerous on-chain statistics bolstering the optimistic perspective as well.
As reported by the on-chain analysis company Coinglass, the current long/short ratio for FLOKI is 1.509, suggesting a robust optimism among traders towards a price increase.
Furthermore, there’s been a 4.2% rise in its anticipated future trades over the last day, and this trend seems to be continuing. The escalating number of these trades suggests a growing fascination among traders as the market starts to reverse course.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
Currently, 60.15% of top traders hold long positions, while 39.85% hold short positions.
As a researcher, I’ve been closely examining the FLOKI meme coin, and it seems that the bullish sentiment is prevailing at the moment. The technical analysis and on-chain metrics suggest a robust potential for a 20% surge within the upcoming days.
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2024-10-07 22:15