Meme coin Floki [FLOKI] is flashing renewed bullish momentum, rebounding with a 2.42% rally in the past week in an effort to recover from its 12.27% dip in the previous month. On-chain data and technical patterns suggest this rebound may be more than just a short-term bounce.
At press time, FLOKI’s chart displayed a cup and handle formation—a classic bullish pattern that often precedes a significant price surge. Analysts suggest that if the token breaks above the identified resistance line, it could trigger a 24.82% rally, potentially pushing the price to $0.00006711.
Supporting this optimistic scenario are multiple technical indicators. The Moving Average (MA) Ribbon, which consists of the 20, 50, 100, and 200-day Simple Moving Averages (SMAs), is currently flashing a bullish outlook. Notably, a golden cross—where the 20-day SMA crosses above the 200-day SMA—has formed, signaling that short-term momentum is overpowering previous bearish trends.
The Parabolic SAR, another widely-used trend indicator, also reinforces the bullish thesis. Dotted markers have appeared below FLOKI’s price, a sign that buyers are regaining control and pushing the asset higher.
Beyond chart patterns, spot market behavior is adding fuel to the rally. According to CoinGlass, traders have purchased over $502,000 worth of FLOKI in recent days, hinting at a supply squeeze in the making.
In the derivatives market, sentiment is equally bullish. The Taker Buy/Sell Ratio has climbed to 1.024, indicating heightened buying pressure among leveraged traders.
With growing technical and market support, FLOKI appears poised for a breakout—provided it can overcome near-term resistance. If buying momentum continues, this meme coin may be gearing up for a notable run in the days ahead.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: FLOKI Signals Rebound as Bulls Eye 48% Rally
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
