FLOKI Confirms Bullish Breakout Amid Market Downturn – Is a 20% Surge on the Horizon?
bitcompare.net 29 August 2024 04:49, UTC Floki (FLOKI), the fifth-largest memecoin, has emerged as a standout performer in the cryptocurrency market, which is currently dominated by bearish sentiment. On August 28th, while the broader market experienced a 5.7% decline, FLOKI bucked the trend with a notable 2.6% price increase.
Bullish Momentum for FLOKI
This recent price surge has sparked optimism among investors, as FLOKI successfully retested a bullish double-bottom pattern. This technical move suggests that the memecoin could see a significant 20% increase, potentially reaching the $0.00019 level in the coming days.
Adding to the positive outlook, FLOKI is trading above the 200 Exponential Moving Average (EMA) on a daily chart, indicating that the coin is in a confirmed uptrend. The successful breakout has piqued the interest of investors and traders alike.
According to Coinglass, an on-chain analytics firm, FLOKI’s Open Interest has risen by 8% in the last four hours and by 18% in the past 24 hours. Over the past week, bullish positions have steadily increased, placing nearly $1.08 million in short positions at risk of liquidation following the recent price surge.
FLOKI’s Key Liquidation Levels
Coinglass’s exchange liquidation map highlights critical levels for FLOKI. The major liquidation thresholds are near $0.000139 on the downside and $0.000165 on the upside, where traders have over-leveraged their positions. If FLOKI continues its upward momentum and reaches $0.000165, approximately $1.08 million in short positions could be liquidated. Conversely, a dip to $0.000139 could trigger the liquidation of nearly 134 million long positions.
Whales and Investors in Control
An analysis by IntoTheBlock reveals that whales currently hold 73.47% of the total FLOKI supply, investors hold 13.14%, and retail traders hold 13.40%. This distribution suggests that large holders have significant influence over FLOKI’s price movements.
Current Price Analysis
At press time, FLOKI is trading around the $0.000158 level, reflecting a 2.5% price increase over the past 24 hours. Trading volume has surged by 71% during this period, indicating heightened trader activity amid the successful retest.
In contrast, other leading meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF), have struggled to gain momentum. According to CoinMarketCap, these coins have seen price declines of 3.3%, 2.5%, 4.5%, and 6%, respectively.
