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- FLOKI gains 13.09% weekly, signaling strong bullish momentum.
- Nansen data reveals $1M FLOKI purchase, spurring growth.
- Technical indicators suggest a possible bullish reversal for FLOKI.
The Floki token has exhibited vigorous bullish optimism in the preceding week, exhibiting a striking 13.09% elevation in price. This unwavering ascent is mirrored on the daily chart, underscoring consistent amplification. The surge in Floki’s valuation is primarily propelled by investors, who have collectively channeled millions into an array of meme coins, with FLOKI being a prominent beneficiary.
Nansen’s analytics reveal that a solitary trader amassed over $1 million worth of FLOKI during the past week. Despite fluctuating valuations, the token has maintained a formidable annual gain of 350%, signaling sufficient medium- and long-term promise for a notable resurgence.
As of press time, the FLOKI token holds a value of $0.0001751, marking a 2.91% elevation within the past 24 hours. When measured against Bitcoin, it has recorded an additional 0.21% increase, highlighting its favorable performance across various trading pairs.
FLOKI/USD 24-Hour Chart (Source: CoinStats)
Moreover, the token’s intraday market capitalization has increased by 1.71%, bringing its total value to $1,655,763,965. This elevated market cap positions FLOKI as the 55th-largest cryptocurrency in the market.
Trading activity for FLOKI has also soared, escalating 38.31% to attain $164,330,751. With a 24-hour volume-to-market-cap ratio of 9.74%, the token radiates robust liquidity and unwavering investor fervor. The upward trajectory in pricing suggests that market participants perceive FLOKI as a formidable candidate for expansion, bolstered by its substantial liquidity and steady capital growth.
FLOKI Price Action
On the 4-hour chart, the FLOKI token reveals an ascending triangle pattern, widely regarded as a bullish indicator. Since April 13, this pattern has manifested through higher lows being established while resistance has been repeatedly tested.
FLOKI/USD 4-Hour Chart (Source: Tradingview)
As of press time, FLOKI is situated near the lower boundary of the triangle, suggesting the potential for an upward rally that could reinforce the ascending triangle pattern. If this upward movement materializes, the FLOKI price could challenge the 78.6% Fibonacci retracement level, aiming to break through the key resistance at $0.0002036. A successful breach would signal a likely bullish breakout, potentially driving the token to higher levels, possibly reaching $0.0002224.
Conversely, if the FLOKI token faces a bearish sentiment, prices could fall below the 61.8% Fibonacci retracement level, retesting support near $0.0001631. Should the support be breached, further declines could see the token revisit its May lows and seek a new base for support before attempting another upward rally.
Possible Rally Ahead?
Technically, the Moving Average Convergence Divergence (MACD) indicator is shifting upward and nearing a crossover with the signal line. Although still in negative territory at -0.0000024702, this movement indicates a weakening of bearish momentum and a potential reversal if the crossover is achieved.
FLOKI/USD 4-Hour Chart (Source: Tradingview)
Additionally, the narrowing histogram bars near the zero line further confirm this, hinting at a possible bullish reversal on the horizon once the zero line is surpassed. In conjunction with this, the Relative Strength Index (RSI) stands at 45.21, close to neutral territory, suggesting the FLOKI token is neither overbought nor oversold.
This implies a consolidation period could precede a significant price movement in either direction. However, since the RSI has rebounded from oversold levels and is trading above the signal line, there’s a possibility of a bullish sentiment gaining ground before reaching overbought conditions.
The post FLOKI Gains 13% in Weekly Surge, Poised for Rebound appeared first on Coin Edition.