- FLOKI’s price dropped by more than 5% in the last 24 hours.
- Most metrics hinted at a trend reversal soon.
As a crypto investor with some experience under my belt, I’ve seen my fair share of market volatility and trend reversals. When FLOKI broke out of its bullish pattern a few weeks ago, I was among those who enjoyed the profits that came with it. The memecoin had been consolidating inside the pattern for weeks before finally making a move upwards.
Approximately three weeks ago, FLOKI deviated from its bullish trend. Since then, this memecoin has been generating gains for investors. If this upward momentum persists, it’s not unlikely that we may witness even higher prices for FLOKI in the near future.
However, the bears have entered the game, which could initiate a trend reversal.
FLOKI investors enjoy profits
As a crypto analysis expert, I’ve been closely monitoring the market performance of various digital currencies. One coin that has recently caught my attention is FLOKI. In mid-May, this memecoin broke out of a bullish pattern, marking a significant milestone in its price action. I decided to take a closer look at how FLOKI has fared since this bullish breakout.
Before breaking out, the memecoin’s price consolidated inside the pattern for multiple weeks.
As an analyst, I’m elated to report that FLOKI has seen significant gains since its breakout, with profits currently sitting at around 80%. This development has brought joy and satisfaction to many investors.
As a crypto investor, I recently came across an interesting finding from AMBCrypto’s analysis of IntoTheBlock’s data. To my surprise, I discovered that a staggering 99% of investors were in a profitable position with their portfolios showing green figures.
In contrast to the previous day, the memcoin’s value took a turn for the worse within the past 24 hours. Based on data from CoinMarketCap, the coin experienced a decline of over 5%.
currently, FLOKI is priced at approximately $0.0003104 in the markets and has a total market value exceeding 2.96 billion dollars, ranking it as the crypto with a forty-first position based on market size.
Will the bearish trend continue?
According to AMBCrypto’s examination of Santiment’s figures, even with the recent price adjustment, the cryptocurrency’s overall sentiment score stayed elevated. This finding signifies that optimistic views about Santiment were more prevalent among traders in the market.
Additionally, its social volume also increased, reflecting its popularity.
The memcoin’s other on-chain indicators suggested a bullish trend as well, implying a potential reversal. For example, its MVRV ratio continued to be positive.
Its NVT ratio also dipped sharply.
In simpler terms, when a metric indicates a decrease, it may signify that an asset is currently underpriced, potentially leading to a price increase in the near future.
Additionally, the number of new addresses joining the memecoin’s network grew significantly last week, suggesting a rise in transactions involving the token.
As a researcher studying the daily chart of a memecoin using AMBCrypto’s analysis, I observed that the Memecoin’s Moving Average Convergence Divergence (MACD) indicated a bullish trend in the market.
Based on the Bollinger Bands analysis, FLOKI’s price was significantly higher than its 20-day Simple Moving Average (SMA). On the other hand, the Chaikin Money Flow (CMF) indicator signaled a bearish trend as it shifted downward.
Realistic or not, here’s FLOKI’s market cap in DOGE terms
If the memecoin’s value keeps decreasing in the upcoming days, it may reach a low of $0.00025. A significant increase in liquidations could be anticipated at this point.
On the other hand, if FLOKI turns bullish, then its price might touch $0.00036 soon.
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2024-06-07 06:15