Floki: The memecoin could rally by 15% if THIS happens

Traders are over-leveraged near $0.000158 on the lower side and $0.000186 on the upper side.
Floki (FLOKI) could soar by 15% to reach the $0.00021 mark.

As a seasoned crypto investor with a knack for spotting emerging opportunities, I find myself intrigued by Floki [FLOKI]. The recent price pattern and technical analysis suggest that FLOKI could be on the verge of a significant surge. With its Open Interest soaring by 14% in the past 24 hours, it’s clear that traders and long-term holders are showing renewed interest in this meme coin.

On the 24th of December 2024, it appears that FLOKI, along with Cardano [ADA], Ripple[XRP], and Shiba Inu (SHIB), is set to turn around its declining trend after developing a bullish price pattern. This suggests a possible upward movement in their prices.

Rising Open Interest

In the midst of a price surge rebound, there’s an increasing enthusiasm among traders and long-term investors, as per Coinglass, a firm specializing in on-chain analytics. Their data indicates that the Open Interest (OI) for FLOKI has spiked by 14% over the past day.

At the moment, significant selling or breakdown points are approximately 0.000158 cents on the low end and 0.000186 cents on the high end, as per Coinglass’s analysis. It seems traders have taken on too much risk or leverage at these price levels.

Should the existing market mood persist and the price climbs up to $0.000186, it would lead to approximately $165,350 being recouped from positions that were previously shorted.

If the sentiment reverses and the price falls to around $0.000158, it would result in roughly $364,170 worth of long positions being closed or “liquidated”.

By considering these blockchain indicators, it seems that bulls have a strong control over the asset, potentially boosting the meme coin during its upward trend. The growing enthusiasm and substantial buy orders might stem from the prevailing market mood and Floki’s price fluctuations.

Floki’s technical analysis and key level

Based on AMBCrypto’s technical assessment, the cryptocurrency FLOKI has developed a bullish “morning star” candlestick configuration at the significant support point of $0.00016 and aligns with the 200 Exponential Moving Average (EMA) on the daily chart.

Despite this bullish outlook, the meme coin is currently facing resistance at the $0.000175 mark.

If the FLOKI token surpasses its current resistance at approximately $0.000175 due to recent market trends and past momentum, it may experience a potential increase of around 15%, potentially reaching $0.00021.

If FLOKI doesn’t finish the day with its price above $0.000175 on the daily chart, there’s a chance that its bullish prediction might not materialize.

Realistic or not, here’s FLOKI’s market cap in BTC’s terms

Currently, FLOKI is approximately valued at $0.000175, showing a positive trend with a growth of more than 3.2% within the last 24 hours.

Over the specified timeframe, I observed a decrease of 14% in the trading volume. This suggests that traders and investors were less active during this period as compared to the preceding day.

2024-12-24 19:35

Rising Open Interest

Floki’s technical analysis and key level

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