The meme coin Floki (FLOKI) has captured the attention of investors as it gears up for a potential upward rally. Despite a recent decline exceeding 25%, FLOKI is determined to regain its momentum, striving to stand out where other meme coins such as Popcat (POPCAT) and dogwifhat (WIF) have not. However, the coin is currently encountering formidable resistance, posing challenges to its rally efforts.
FLOKI Technical Analysis and Upcoming Levels
In-depth technical analysis reveals that FLOKI is on the brink of a substantial rally. The coin is presently contending with resistance from the 200 Exponential Moving Average (EMA) on the daily time frame. Historical price momentum indicates that should FLOKI successfully surpass the 200 EMA and secure a daily candle close above the $0.000147 mark, there is a promising chance for the coin to surge by 20%, potentially reaching the $0.000175 level in the near future. Furthermore, the Relative Strength Index (RSI) for FLOKI is currently in oversold territory, suggesting an impending bullish price reversal.
FLOKI’s On-Chain Metrics
Despite an optimistic outlook, FLOKI’s on-chain metrics present a mixed sentiment. Data from on-chain analytics firm Coinglass reveals that FLOKI’s Long/Short ratio currently stands at 1.048, indicating a bullish market sentiment among traders, as a value above 1 is considered favorable. Interestingly, traders on Binance exhibit a strong bullish inclination towards FLOKI, with 66% of traders opting for long positions on the meme coin over the past four hours, while 34% adopted short positions.
Moreover, FLOKI’s future open interest has remained stable over the past 24 hours, notwithstanding the market reversal. This constancy in open interest suggests that investors are hesitant to establish new positions until the coin successfully breaks through the 200 EMA resistance level.
Current Price Momentum
As of the latest update, FLOKI is trading around $0.000143, experiencing a modest price surge of more than 2% in the last 24 hours. Despite this incremental price advancement, investor and trader participation has notably increased, as evidenced by a 70% spike in trading volume during the same timeframe.
In conclusion, while FLOKI faces significant resistance, the technical indicators and on-chain metrics collectively suggest a potential for an upward rally. Investors and traders should remain vigilant, monitoring key resistance levels and market sentiment to navigate the coin’s trajectory effectively.
