- FLOKI’s price appreciated by over 3.5% in the last 24 hours
- Market indicators hinted at a sustained price hike on the charts
As a researcher with experience in the crypto market, I’m excited about the recent developments surrounding FLOKI. The memecoin has seen a notable price increase of over 3.5% in the last 24 hours, and market indicators suggest that this trend may continue.
At present, the market reigns supreme with FLOKI bulls, as evidenced by the unyielding green hue on both its weekly and daily price charts. This trend could potentially improve for the memecoin, given a major exchange’s recent announcement of listing FLOKI. Such news may serve to fuel additional growth in the near future.
Coinbase lists FLOKI
According to data from CoinMarketCap, FLOKI has experienced a noteworthy weekly surge, with its value increasing by over 8.8% in the past seven days. Even more impressively, within the last day, the memecoin’s price has risen by an additional 3.5%.
As I pen down this text, the value of the memecoin stood at $0.0002264, and its market capitalization exceeded an astounding $2.16 billion. It was noteworthy that despite bullish price movements, FLOKI’s net sentiment remained bearish in its market. In essence, negative sentiments continued to prevail over the altcoin.
Additionally, its social volume declined over the last few days as well.
After the announcement from Coinbase that they have added FLOKI perpetual futures, the memecoin’s market liquidity could see a considerable improvement according to its official Twitter handle (@FLOKI_X).
When Coinbase adds a new token to its platform, the price of that token tends to rise significantly due to increased demand. This phenomenon is known as the “Coinbase listing effect.” If FLOKI experiences this boost, it could fuel the memecoin’s price surge even more, potentially reviving its flagging momentum.
FLOKI bulls to dominate more?
After examining the data from Santiment, AMBCrypto identified some potential indicators of continued expansion for FLOKI. Notably, its MVRV ratio stayed elevated, suggesting a bullish trend.
As a researcher examining the trends of this particular memecoin, I’ve noticed a significant decrease in trading volume since its peak on 22 May. Additionally, the number of new addresses being added to the network has slowed down, suggesting that fewer people are transacting with the crypto token.
As a crypto investor, I’ve noticed that market indicators have stayed optimistic despite recent events. For instance, the Chaikin Money Flow (CMF) has spiked up, suggesting increased buying pressure for FLOKI. Additionally, the Relative Strength Index (RSI) has moved upward, implying that FLOKI’s price trend might persist and potentially bring further gains.
As a researcher examining the potential price movement of FLOKI, if the ongoing bull market persists, my analysis indicates that the first significant resistance level for this cryptocurrency could be around $0.00024. This target emerges due to the anticipated rise in liquidation orders. Consequently, a short-term correction might occur as a result of increased selling pressure and price adjustment.
If the memecoin manages to surpass its current level, it could potentially reach a price range between $0.00026 and $0.00027. Conversely, should the trend shift negatively, FLOKI may retreat towards its support at around $0.000226.
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2024-05-25 15:35