- FLOKI’s large transaction volumes have surged from 39 billion to 460 billion within two days
- FLOKI is also facing strong resistance at $0.00027 despite strong bullish momentum
As a seasoned crypto investor with a knack for spotting trends and analyzing market data, I find myself intrigued by the recent developments surrounding FLOKI, the Shiba Inu-themed meme coin. Despite facing strong resistance at $0.00027, its surging transaction volumes from 39 billion to an impressive 460 billion within two days is a bullish sign that catches my attention.
At the moment, Floki [FLOKI] is valued at $0.000261 following a modest 1% increase over the past day. In the last month, FLOKI has stood out among memecoins with a dog theme by surging an impressive 78%.
Although FLOKI’s price increase has met significant obstacles at approximately $0.00027, technical signs point towards a possible short-term upward trend.
Today’s price movements suggest that FLOKI is close to creating a bullish trend. Specifically, its 50-day moving average has risen and could soon cross above the 200-day moving average, signaling potential upward momentum.
Despite the fact that the golden cross has occurred at a lower price level, it’s possible that the momentum has already been factored into the market prices by traders. Yet, the indicator indicates that the upward trend could be becoming more robust.
As an analyst, I’ve observed that the Relative Strength Index (RSI) for FLOKI stands at 70, indicating that the bullish momentum remains strong. However, it’s worth noting that the RSI has pulled back from overbought territories, which could be a sign that the rally might be starting to ease, potentially paving the way for price consolidation and stability.
The bars on the volume histogram indicate a struggle between those buying and those selling. As such, it’s advisable for traders to keep an eye on the potential support level at $0.00024. A fall below this point might signal the beginning of a downward trend.
FLOKI whale activity rises
Over the past two days, there’s been a substantial rise in whale activity related to FLOKI. According to IntoTheBlock, the large transaction volumes for FLOKI have skyrocketed over 1,000% within this period, jumping from 39 billion to an impressive 460 billion.
Over the past week, the whale involvement in FLOKI has reached its peak. A staggering 73% of the FLOKI supply is being held by these large entities, while retail investors account for just 14%. An increase in activity from these significant addresses might lead to price fluctuations.
Long liquidations surge
Examining the derivatives market reveals an abrupt increase in short-side positions being closed by investors who had bet on continued growth in the price of FLOKI, indicating a rapid reversal of their positions.
On the 21st of November, the amount of long liquidations peaked at $641,000 per Coinglass, marking the highest level in over a month. These forced liquidations could potentially have slowed down the rally of FLOKI as traders were compelled to close their positions by selling off.
FLOKI’s liquidation heatmap also shows that after the price dropped to $0.000251, it took out a significant number of longs.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
As a crypto investor, I find myself in a position where my previous holdings have been liquidated. However, I’m keeping a close eye on the market as there’s a significant cluster of potential liquidations both above and below the current FLOKI price. The path FLOKI takes could be influenced by the changing market conditions, with it potentially moving towards either of these zones.
However, the closest liquidation is above price, which could support an upward breakout.
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2024-11-22 16:07