- FLOKI mirrored BNB’s structure and pierced through the 200MA, but the RSI is oversold.
FLOKI takes sell-side liquidity on the 4-hour chart but trading volume stagnating.
As a seasoned analyst with over a decade of experience in the crypto market, I have witnessed countless bull runs and bear markets. The current situation of FLOKI mirrors the structure of BNB before its impressive surge, and I find myself optimistic about the potential for FLOKI to replicate BNB’s success.
The popular meme-based cryptocurrency, FLOKI, has generated a lot of interest among crypto enthusiasts thanks to its thriving presence on the Ethereum network (ETH) and Binance Smart Chain (BNB).
Following significant advancements during its past bull market, FLOKI exhibited a ‘double top’ formation and moved into a period of consolidation, much like how BNB behaved prior to its surge.
Currently, at the moment we’re looking, on a daily basis, FLOKI appears to have a comparable pattern to BNB. This has sparked optimism and high anticipation among investors that FLOKI might mirror BNB’s past achievements.
Observers are keenly waiting to see if the cost of FLOKI might increase in the near future, as there’s speculation of a possible uptrend prior to the expected bull market in the last quarter of 2024.
The downward trend in the FLOKI/USDT market has fallen beneath its 200-day exponentially weighted moving average, leading to some apprehension about a possible price increase.
Despite the Relative Strength Index (RSI) indicating an oversold condition, suggesting a potential upward trend, this setup offered a robust buying prospect for investors before the anticipated price surge.
The chart and market cap suggested a parabolic move, with analysts confident that FLOKI could soon reach a $10 billion market cap.
Based on a straightforward examination of dates and cost fluctuations, it’s projected that a fresh record high will likely occur by early January 2025. Another potential peak is estimated to take place around the middle of 2025.
Sell-side liquidity grab as volume stagnates
On a 4-hour timeframe, FLOKI seems to be moving along a downward trendline following two successive low points where sellers have been active.
The idea here is that FLOKI will surpass this horizontal line (trendline) first, and then we’ll consider purchasing when it tests back to this level. This approach mirrors previous assessments, all pointing towards a potential uptrend in FLOKI in the near future.
Over the past period, FLOKI‘s trading volume has maintained consistent levels similar to those observed prior to its significant increase in June, reaching a record peak for an all-time high.
As someone who has been investing in the crypto market for several years now, I find myself constantly seeking out potential buying opportunities. The current stagnation of FLOKI seems to be one such opportunity that might not come around often. Based on my past experiences with similar situations, this could be a sign that the price is about to surge again and reach new highs. The current volume trends are reminiscent of historical patterns I’ve observed in the market, which gives me confidence in making an investment decision now.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
Ultimately, by examining factors such as total mentions across social platforms, the number of wallet holders, active users, expansion in the network, and the balance between profits and losses from daily transactions, it becomes apparent that there is increasing engagement with the FLOKI memecoin.
The rising pattern in these collective measurements points towards growing curiosity and involvement, hinting at possible development for FLOKI.
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2024-08-19 11:04