In a sea of red for the cryptocurrency market, Floki (FLOKI), the fifth-largest memecoin, has made a strikingly positive impact. On August 28th, while the broader crypto market saw a downturn of 5.7%, FLOKI bucked the trend with a notable price surge of over 2.6%.
Bullish Momentum For FLOKI
The recent price action for FLOKI has been nothing short of impressive. The memecoin has successfully retested a bullish double-bottom pattern breakout, signaling strong potential for further gains. Analysts are optimistic, predicting that FLOKI could climb as much as 20%, potentially reaching the $0.00019 mark in the near term.
Supporting this bullish outlook, FLOKI has been trading consistently above the 200 Exponential Moving Average (EMA) on a daily chart. This technical indicator suggests that the coin is firmly entrenched in an uptrend, further fueling investor confidence.
Surge in Investor Interest
The heightened interest in FLOKI is evident from the latest data. According to Coinglass, FLOKI’s Open Interest has surged by 8% over the past four hours and 18% in the last 24 hours. This increase in open interest underscores the growing bullish sentiment among traders.
Additionally, FLOKI’s recent performance has put approximately $1.08 million worth of short positions at risk of liquidation. With bullish momentum in play, these positions could face significant pressure if FLOKI continues its ascent.
Coinglass’s exchange liquidation map highlights crucial levels to watch. Major liquidation points are positioned at $0.000139 on the downside and $0.000165 on the upside. A rise to $0.000165 could trigger the liquidation of around $1.08 million in short positions, while a drop to $0.000139 might lead to the liquidation of about 134 million long positions. These levels underscore the market’s volatile nature and the significant stakes involved.
A deeper look into FLOKI’s holdings reveals a substantial concentration of supply among whales and major investors. Data from IntoTheBlock indicates that whales control 73.47% of FLOKI’s total supply, while investors hold 13.14% and retail traders account for 13.40%. This distribution suggests that large stakeholders have considerable influence over FLOKI’s price movements.
Also Read: Floki [FLOKI] Surges 2.6% Amid Bearish Market – Key Stats Show Potential 20% Upsurge To $0.00019
Current Price Analysis
At the time of writing, FLOKI is trading around $0.000158, having experienced a robust 2.5% price increase in the last 24 hours. Trading volume has surged by 71% during the same period, reflecting heightened trader activity and interest following the successful retest.
As FLOKI continues to gain traction amidst a bearish market backdrop, all eyes will be on whether it can maintain its upward momentum and achieve the projected 20% gain. With a bullish technical setup and increasing investor interest, FLOKI stands poised to make a significant impact in the memecoin space.
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.
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