- FLOKI’s Open Interest has increased by 8% in the last four hours, and by 18% in the last 24 hours.
If FLOKI rises to $0.000165, approximately $1.08 million of short positions will be liquidated.
As a seasoned crypto investor with a knack for spotting undervalued gems, I find myself intrigued by the recent bullish outlook for FLOKI. Having navigated through multiple market cycles, I can confidently say that this memecoin’s impressive performance is not to be ignored.
Despite a generally down market trend, Floki [FLOKI], one of the larger meme coins, is causing quite a stir because of its strong performance and patterns suggesting potential price increases.
On August 28th, when the broader cryptocurrency market saw a decrease of approximately 5.7%, Floki managed to experience an impressive price jump exceeding 2.6%.
Bullish outlook for FLOKI
Due to the latest price increase, there’s an optimistic forecast for the FLOKI memecoin. The coin has convincingly tested and surpassed the upper boundary of a bullish double bottom chart formation.
It’s likely that FLOKI could increase by around 20% and potentially reach the price point of $0.00019 within the near future.
Furthermore, FLOKI was found to be above its 200-day Exponential Moving Average (EMA), suggesting that it had been following an upward trend in the daily chart.
As a result of this successful breakout, there’s growing curiosity among investors and traders about the memecoin.
Based on data from Coinglass, a firm that analyzes blockchain transactions, the Open Interest for FLOKI has risen by 8% over the past four hours and by 18% within the last day.
Over the past week, long positions (bullish bets) have gradually grown stronger. The latest price jump could potentially force out around $1.08 million worth of short positions for liquidation.
FLOKI’s key liquidation levels
Based on the Exchange Liquidation Map from Coinglass, significant liquidation points can be found around 0.000139 on the lower end and 0.000165 on the higher end. This is because traders have overextended their leverage at these specific levels.
Should the outlook stay optimistic and FLOKI increases to $0.000165, it’s estimated that around $1.08 million in short positions would be closed out.
If the sentiment changes and the price drops to approximately $0.000139, around 134 million long positions could potentially be closed out or “liquidated.”
Whales and investors are holding
Upon reviewing the assets controlled by both whales and investors, it appears they have significant influence over the fluctuations in FLOKI‘s price.
As reported by the analysis firm IntoTheBlock, currently, a significant portion (73.47%) of the entire FLOKI token stock is being controlled by large investors known as whales. On the other hand, investors collectively hold approximately 13.14% and regular retail traders account for about 13.40%.
Current price analysis
Currently, as I write this, Floki is hovering around the $0.000158 mark. In just the past day, it has seen a significant leap of more than 2.5%.
The trading volume has grown by 71% over the same timeframe, suggesting a greater involvement of traders due to a successful retest.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
Popular meme tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Meme coin Pepe (PEPE) and Doge with a Hat (WIF) have yet to generate significant traction in the market.
According to CoinMarketCap, Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Cash (PEPE), and Wif (WIF) have seen decreases in price of more than 3.3%, 2.5%, 4.5%, and 6% respectively.
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2024-08-29 04:08