- FLOKI is half way into a cup and handle pattern, ONE which has been playing out since June
- FLOKI whales appear to be accumulating, likely in preparation for the second half of the price pattern
As a seasoned crypto investor who’s witnessed numerous market cycles and trends, I can confidently say that FLOKI might be gearing up for another bull run. The cup and handle pattern it’s exhibiting since June is reminiscent of a teapot on the verge of boiling over.
There’s a possibility that the FLOKI memecoin could see another price surge soon. It began September showing indications of accumulation, and more recent data hints at it potentially moving into the second part of its ‘cup and handle’ chart formation.
To put it simply, FLOKI has been generally trending downward since its peak in June. Lately, it’s hovered around the $0.0001 mark, suggesting that the downtrend might be slowing. Upon closer inspection, its price movements seem to resemble a “cup and handle” pattern, which is typically seen before an asset resumes an uptrend.
Looking at the current trend of the meme coin, its recent dip and the ‘cup and handle’ chart formation hint towards a potential surge in the coming 2-3 months. This is because these low prices may mark the end of the downward pattern, indicating a bullish market movement for FLOKI.
At the current moment, the cost in the cup and handle chart formation indicates an optimal buying zone. As a result, AMBCrypto investigated if demand for this asset was growing. Indeed, the findings proved quite intriguing.
FLOKI whales on the hunt
As an analyst, I’ve noticed a significant increase in the holdings of FLOKI whales. From the historical data, it appears that these large investors concluded August with approximately 7.32 trillion FLOKI. However, by September 13th, their holdings had grown to 7.51 trillion FLOKI, indicating a continuous accumulation trend.
The total amount of coins held by retailers increased from 1.42 trillion at the end of August to 1.44 trillion by September 13th. However, while there were gains in both the whale and retail sectors, we also observed a decrease in balances for investors. During the same period, investor holdings dropped from 1.26 trillion tokens to 1.05 trillion tokens.
The historical concentration data confirmed growing interest, especially from whales. This can be translated as a bullish observation, especially accounting for the memecoin’s current price level. FLOKI exchange flows also aligned with the historical concentration data.
To sum up, there was evidence of increasing interest from significant investors, as indicated by substantial inflows into FLOKI, amounting to 5.4 billion, on September 10th. This figure grew significantly by September 13th.
Over this period, the amount of memecoin held by large investors decreased significantly. On September 10th, they held approximately 7.75 billion coins, but by September 13th, this had dropped to 7.3 billion coins. This trend suggests a growing demand among large investors for FLOKI, as indicated by the increase in large holder flows.
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2024-09-15 03:03