FLOKI price prediction – Why the memecoin remains in a range

FLOKI has been unable to match the performance of Dogecoin or Pepe.
The weakened demand of the past two weeks was a concern for FLOKI bulls.

As a seasoned researcher with years of experience in the crypto market, I must admit that FLOKI’s performance over the past few weeks has been somewhat underwhelming compared to its peers like Dogecoin and Pepe. Despite the impressive 97% surge since November 5th, it falls short when stacked against their respective 164% gains in the same period.

In the initial part of November, FLOKI [FLOKI] cryptocurrency experienced a strong surge. However, the pace of this growth has since diminished.

In simpler terms, the optimistic forecast for the FLOKI price was weakened because, even though there was widespread bullish enthusiasm in the market as a whole, the meme coin failed to achieve new record highs predicted for 2024.

Since the 5th of November, FLOKI is up by 97% despite the pullback that began in mid-November.

This is an impressive performance, but still falls short of the likes of Dogecoin [DOGE] or Pepe [PEPE] which are both up 164% in the past month.

Five-month resistance zone flipped to demand

Some FLOKI investors might express concern because the token hasn’t reached new annual highs compared to the other two investments.

This implies that the possible returns could significantly exceed expectations for the other two, notably PEPE, rather than FLOKI.

Conversely, it was a positive shift as the price reached and surpassed the $0.000205 level, which had previously been a resistance point. This level corresponds to the 50% Fibonacci retracement level during the rally in March.

On a daily basis, even with a 20% drop from peak levels, the Awesome Oscillator indicated a strong bullish trend due to its positioning above zero.

The A/D indicator saw a sizeable pullback, but has established a higher timeframe uptrend.

On the 4-hour timeframe, we noticed a price range. The middle point of this range, around $0.000226, appears to have switched from resistance to potential support. However, the Accumulation/Distribution (A/D) line is showing weakness, suggesting that buying pressure might be diminishing.

The Awesome Oscillator noted weak bearish momentum on the H4 timeframe.

Metrics signaled distribution

As a crypto investor, I’ve noticed a cooling down of the 30-day MVRV (Major Value Realized to Major Value) after it reached 3-month highs in mid-November. This surge coincided with the significant growth FLOKI experienced. However, since then, we’ve seen a consolidation phase where the MVRV ratio has dropped.

Realistic or not, here’s FLOKI’s market cap in BTC’s terms

Nevertheless, the short-term outlook for FLOKI’s price appeared bearish due to a sharp decrease in the average coin age observed on November 28th.

The age consumed metric also saw spikes, showing selling pressure from holders.

2024-12-05 04:07

Five-month resistance zone flipped to demand

Metrics signaled distribution

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