😱🔥FLOKİ: Is a bull rally on the way? Fundamental indicators point Bull
FLOKI's popularity was high as his social metrics increased.
Meme coin has witnessed a slight price correction, but this trend may not last long.
Meme coins have recently made a lot of noise, including Floki Inu [FLOKI], thanks to the increase in their popularity.
#floki 's bullish move
FLOKI's analysis of the daily chart revealed an interesting development. After reaching the peak in mid-March, the price of memecoin began to move in the bullish flag formation.
It continued to strengthen inside this pattern for more than a month and finally broke out on May 4. A break above the bullish flag pattern indicated that the FLOKI price could soon reach the March high again.
Developments on the social front also seemed optimistic for meme money. According to LunarCRUSH's last tweet, meme coin's social metrics were rising rapidly, as more than 48% of the Sunday remained positive about FLOKI.
He also noted that meme coin's official X (formerly Twitter) username is trending to reflect FLOKI's popularity on the social media site.
However, despite these optimistic signs, there was a correction in the price of the meme coin. According to CoinMarketCap, the value of the meme coin has fallen by 1.5% in the last 24 hours.
The bullish trend may continue
Investors should not worry about the price drop yet, because a break above the bullish flag pattern is usually followed by a retest of the support level. Therefore, a slight price drop ahead of another bullish rally is not uncommon.
it found that the likely cause of the recent price drop could be high liquidation. The liquidation of the meme coin rose sharply to $ 0.0002, and then its price fell.
His analysis of the Centiment data suggested that the downward trend may not continue. For example, FLOKI's Funding Rate fell after the increase.
In general, prices tend to move in the opposite direction of the Funding Ratio. The MVRV ratio also remained quite high, which can be considered a bullish signal.
