- FLOKI’s popularity was high as its social metrics soared.
The meme coin witnessed a slight price correction, but the trend might not last.
As a seasoned crypto investor with years of experience under my belt, I’ve seen my fair share of meme coins making headlines for their sudden price surges and subsequent corrections. Floki Inu [FLOKI] is no exception to this trend.
Recent excitement surrounds meme coins such as Floki Inu [FLOKI], with many gaining significant attention due to their rising popularity.
As a crypto investor, I’m excited to note that at the current moment, the price of FLOKI has surpassed a bullish pattern on the charts. This could potentially signal the start of an uptrend or a significant price increase, often referred to as a “bull rally.”
FLOKI’s bullish move
In their examination of FLOKI‘s daily price chart, AMBCrypto identified an intriguing trend. Following its peak in mid-March, the meme coin displayed characteristics of a bullish flag formation.
For approximately a month, the price of FLOKI remained solidly within its bullish flag pattern. Eventually, on the 4th of May, it surged out of this pattern, indicating a strong possibility that it could once more reach its previous high from March.
On the social scene, there was a sense of optimism regarding the meme coin. According to LunarCrush’s latest update, the social metrics for this coin have been climbing dramatically, with approximately half of the market expressing positivity towards FLOKI.
Additionally, FLOKI‘s official account announced on Twitter that it was a trending topic on the platform, signifying its widespread appeal.
Despite the encouraging indicators, the price of the meme coin experienced a decline. As reported by CoinMarketCap, over the past 24 hours, its value dropped by 1.5%.
At press time, it was trading at $0.0001909.
The bull trend might resume
A bull flag pattern, which indicates a potential continuation of an uptrend, usually follows a breakout and is typically preceded by a small price decrease. Thus, it’s not uncommon for investors to experience a minor price drop before the market rallies once more.
One potential explanation for the recent price drop of the meme coin identified by AMBCrypto is a significant surge in liquidations, causing its value to plummet down to the $0.0002 level.
According to AMBCrypto’s interpretation of Santiment’s findings, the downtrend for FLOKI may not persist. Notably, following a rise, the Funding Rate for FLOKI experienced a decrease.
In general, the pricing direction tends to differ from the Funding Rate. The MVRV (Moving Average Value) ratio continuing to be elevated implies a potential bullish trend.
Nonetheless, its exchange inflow spiked, suggesting a rise in selling pressure.
As a researcher studying the current market trends, I examined the daily chart of the meme coin to assess if the bull rally was set to continue.
Read Floki Inu’s [FLOKI] Price Prediction 2024-25
Based on our examination, the meme coin’s Chaikin Money Flow (CMF) has shown a rise and is trending towards moving above the neutral threshold from my perspective as a crypto investor.
The MACD of FLOKI indicated a potential bullish signal, implying that there was a good chance for its price to rebound in the near future based on these metrics and indicators.
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2024-05-05 19:03