Coinbase, renowned as the United States’ largest cryptocurrency exchange, is once again making waves in the crypto community by expanding its diverse range of digital assets. Following the successful listings of Ethereum’s Pepe (PEPE) and Solana’s Dogwifhat (WIF), Coinbase is now set to introduce Floki (FLOKI) on the Ethereum network. This strategic decision raises the intriguing question of whether FLOKI’s inclusion on such a prominent platform will ignite a surge in its value in the days to come.
Coinbase’s Support For FLOKI
Despite the excitement surrounding this announcement, the value of FLOKI has shown little change since Coinbase’s official statement on X (formerly known as Twitter). At present, FLOKI has experienced a price decline of over 5.3% within the last 24 hours, currently trading at approximately $0.000238. Interestingly, during this period, the trading volume of FLOKI has surged by 17%, reflecting heightened interest from traders and investors eager to capitalize on Coinbase’s support.
FLOKI Technical Analysis and Upcoming Levels
While FLOKI’s price remains relatively stable, a deeper dive into technical analysis reveals the meme coin’s potential for an upward trajectory. Analysts highlight that FLOKI is on the brink of breaking free from a descending triangle pattern on the four-hour chart, a signal that often precedes a bullish move. On the daily chart, FLOKI appears to be consolidating within a narrow trading range between $0.000232 and $0.000275.
The recent price dynamics suggest that a breakout from this consolidation zone could propel FLOKI by a remarkable 30%, potentially pushing it to the $0.00035 mark in the coming days. As FLOKI inches closer to its all-time high (ATH), its current position above the 200 Exponential Moving Average (EMA) reinforces the notion of an ongoing uptrend.
Rise of Large Transactions Volume
Additionally, on-chain metrics further bolster the optimistic outlook for FLOKI. Data from the on-chain analytics firm IntoTheBlock reveals a dramatic 98% increase in large transaction volumes for SHIB over the past 24 hours. This surge is primarily attributed to increased activity from crypto whales and institutional investors, hinting at a potential bullish trend for the meme coin.
Meanwhile, FLOKI’s open interest has seen a 12% decline during the same timeframe, suggesting a certain level of caution among traders. This hesitancy may indicate that traders are awaiting a clear breakout from the current consolidation zone or the descending triangle pattern before committing to new positions.
As the crypto market continues to evolve, the addition of FLOKI to Coinbase’s offerings underscores the growing interest in meme coins and their potential to capture the attention of both individual and institutional investors. Whether this listing will translate into significant price movements remains to be seen, but the current indicators suggest an intriguing journey ahead for FLOKI enthusiasts.
