- FLOKI has broken out of an ascending triangle, indicating potential for significant upward movement.
Recent bullish metrics point to the memecoin potentially reaching 0.00016248—a pivotal level for reevaluating its price trajectory.
As a seasoned crypto investor with a penchant for memecoins and a knack for spotting trends, I find myself intrigued by FLOKI‘s current trajectory. The recent breakout from an ascending triangle is a bullish signal that I’ve seen before, and it’s always an exciting prospect to witness such developments in the crypto world.
Although there was a dip in performance last month, the market seems to be bouncing back robustly. Interestingly, FLOKI [FLOKI] has experienced a substantial 15.86% jump in the last seven days, hinting at continued upward momentum.
In the past day, FLOKI‘s value has increased by 3.58%, boosted by optimistic technical trends and signals suggesting potential future growth.
Bearish momentum is evident
In the past few days, FLOKI appears to have burst out of a symmetrical formation that started taking shape around early August, fluctuating within those boundaries.
Normally, such a pattern signals an upward or bullish movement in the market, which is typically confirmed when the price breaks through the upper barrier (resistance line). Initially, FLOKI managed to do this. Nevertheless, at the moment of writing, the price was pulling back.
The usual pattern in price fluctuations suggests that FLOKI may yet ascend to hit the channel’s maximum value of 0.00016248.
Based on AMBCrypto’s analysis, we can expect a potential price surge for FLOKI as it has broken through the Fair Value Gap (FVG) supply area, which previously ranged from $0.00013575 to $0.00014098. This zone is now likely to function as a supportive level.
Steady growth in liquidity inflow
Examining the Money Flow Index (MFI) of FLOKI suggests that it could experience more inflows than outflows, potentially leading to further price increases.
At press time, the MFI stood at 79.8, signifying that investors were actively investing in FLOKI.
However, should the MFI exceed the 80 threshold, FLOKI will enter the overbought territory.
As an analyst, I’m suggesting that increased buying activity might lead to a more assertive approach in purchases. However, this surge could potentially be followed by a decrease in prices, given the heightened market activity we’re observing.
Short sellers face losses as FLOKI rises
Betting against the cryptocurrency FLOKI has resulted in substantial losses for short sellers, according to data on liquidations from Coinglass.
At the moment, a total of around $18,900 is being relinquished by short traders as a result of unfavorable price changes and inadequate funds to maintain their trades.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
Moreover, there’s been a significant rise in the Open Interest for FLOKI, amounting to an 8.94% jump over the last day. This surge has pushed the total to approximately $21.69 million, climbing from a recent low of $17.78 million recorded on September 23.
These advancements act as robust indicators suggesting a potential rise for FLOKI, possibly pushing it towards its short-term price prediction of 0.00016248 USD.
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2024-09-26 04:07