- After a month-long rally, FLOKI’s daily chart turned red.
- A few metrics indicated that the bull rally would resume, while the rest suggested otherwise.
As a seasoned crypto investor with years of experience under my belt, I’ve learned to read between the lines when it comes to market trends and price movements. And after closely monitoring FLOKI’s recent performance, I’m feeling a mix of optimism and caution.
As a crypto investor, I’ve noticed that FLOKI has recently broken through a bullish pattern in its price action, leading to a substantial increase in value over the past few days. However, this surge might be only the beginning of a much larger bull rally for this memecoin. Let’s delve deeper into the situation and examine the potential factors driving this trend.
FLOKI’s bullish breakout is paying off
A well-known cryptocurrency analyst named World Of Charts recently took to Twitter to point out that the price chart for Floki (FLOKI) displayed a bullish breakout around a few weeks ago.
The memecoin’s price began forming a pattern at the start of March and remained within that pattern until it broke free on May 13th.
Since the price surge following FLOKI’s breakout, there has been a significant increase of over 30%. Should this trend persist, investors could potentially look forward to a total price hike of approximately 150% within the upcoming weeks or months.
As a crypto investor, I had been quite encouraged by the steady growth of FLOKI over the past month. However, upon closer inspection of the daily chart, I was dismayed to find that the once promising gains had taken a turn for the worse. The once green candles now bore a distinctly red hue, signaling a roadblock in FLOKI’s path to further growth.
Based on CoinMarketCap’s latest data, the price of the memecoin dipped by approximately 2.3% within the past 24 hours. At present, its value is at around $0.000228, and it holds a market capitalization exceeding $2.18 billion, positioning it as the crypto with the 54th largest market cap.
Will FLOKI resume its bull rally?
To find out if the meme coin’s bull market had ended, AMBCrypto examined Santiment’s statistics. The sentiment analysis showed that the memecoin’s weighted opinion remained subdued, indicating that negative sentiment toward it prevailed.
Last week, the expansion of its network saw a decrease, resulting in fewer newly generated addresses for transferring the token. An unfavorable indicator emerged with the rise in funding rate – typically, market trends tend to diverge from this metric.
Despite some metrics indicating a potential resumption of FLOKI’s bull run, the following are some signs suggesting this: For example, its MVRV ratio stood at 28.4%, implying a bullish outlook.
Additionally, our analysis of Coinglass’ data by AMBCrypto uncovered a rise in FLOKI’s long-term versus short-term positioning over the past 24 hours.
A increase in interest for FLOKI, as indicated by the metric’s upward trend, suggests investors are increasingly choosing to purchase and hold onto this asset, potentially leading to a bullish price development.
From my perspective as a researcher analyzing financial markets, based on the Bollinger Bands indication, FLOKI’s price had moved above its 20-day Simple Moving Average (SMA). Additionally, the Moving Average Convergence Divergence (MACD) line showed a bullish signal in the market.
Nonetheless, the Chaikin Money Flow (CMF) looked bearish as it registered a downtick.
As a researcher studying the cryptocurrency market, if FLOKI exhibits a bullish trend and continues its rally, it’s possible for this memecoin to reach a value of $0.00025 by week’s end. This prediction is based on my observation that at this price point, liquidation might occur, potentially causing a brief correction in the market.
If the memecoin maintains its bearish trend, I expect its price to reach as low as $0.00018 or even $0.00017 by the week’s end.
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2024-05-24 07:03