Amid an ongoing market reversal, Floki (FLOKI), the popular meme coin, is on the brink of a significant upside rally. This potential surge is largely due to its recent breakout and bullish on-chain metrics. On September 24, 2024, the meme coin experienced a remarkable price surge, successfully breaking through a crucial resistance level of $0.000137.
Current Price Momentum
At press time, FLOKI is trading near $0.000141, having experienced a price surge of over 6.4% in the past 24 hours. During this period, investor and trader interest has been robust. According to CoinMarketCap data, FLOKI’s trading volume has skyrocketed by 35%, indicating increased participation from traders and investors following its recent breakout.
FLOKI Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, FLOKI exhibits bullish tendencies despite trading below the 200 Exponential Moving Average (EMA) on a daily timeframe. This bullish sentiment is likely due to the breakout from both the consolidation zone and the resistance level of $0.000137.
The 200 EMA is a critical technical indicator that traders and investors use to determine if an asset is in an uptrend or downtrend. To confirm this breakout, FLOKI needs to close its daily candle above the $0.000142 level. Based on historical price momentum and the recent breakout, there is a strong possibility that the FLOKI price could soar by 45%, potentially reaching the $0.00021 level in the coming days. However, the meme coin may encounter a hurdle at the $0.00016 level during its upcoming rally.
Bullish On-chain Metrics
This bullish outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, FLOKI’s long/short ratio currently stands at 1.238, indicating strong bullish market sentiment among traders. Additionally, its future open interest has surged by 17% over the past 24 hours and 4.9% over the past four hours.
This rising open interest indicates that traders and investors are potentially making significant bets on long positions. Currently, 55.33% of top traders hold long positions, while 44.67% hold short positions. This data underscores the growing confidence in FLOKI’s potential for an upward trajectory.
Conclusion
In conclusion, the combination of technical analysis and bullish on-chain metrics suggests that Floki (FLOKI) is poised for a significant upside rally. The recent breakout and increased trading volume indicate robust market interest, while the on-chain metrics reflect strong bullish sentiment among traders. As FLOKI continues to navigate through resistance levels, it remains a focal point for investors looking to capitalize on its potential upward momentum.
