FLOKI Confirms Bullish Breakout Amid Market Downturn – Is a 20% Surge on the Horizon?
Floki (FLOKI), the fifth-largest #Memecoin🤑🤑 , has emerged as a notable performer in a market currently facing bearish trends. On August 28th, while the broader cryptocurrency market experienced a 5.7% decline, FLOKI stood out with a 2.6% price increase.
Bullish Momentum for FLOKI
This recent uptick has generated optimism among investors, as FLOKI has successfully retested a bullish double-bottom pattern. This technical setup suggests the memecoin could see a significant 20% rise, potentially reaching $0.00019 in the near term.
Adding to the positive outlook, FLOKI is trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating a confirmed uptrend. The breakout has attracted attention from both investors & traders.
Coinglass reports that FLOKI's Open Interest has risen by 8% in the last four hours & 18% in the past 24 hours. Bullish positions have increased over the past week, putting about $1.08 million in short positions at risk of liquidation due to the recent price surge.
FLOKI's Key Liquidation Levels
Coinglass’s exchange liquidation map identifies crucial levels for FLOKI. Major liquidation thresholds are set around $0.000139 on the downside & $0.000165 on the upside. If FLOKI continues its upward trend & hits $0.000165, approximately $1.08 million in short positions could be liquidated. Conversely, a drop to $0.000139 could result in the liquidation of nearly 134 million long positions.
Whales & Investors in Control
Analysis by IntoTheBlock reveals that whales hold 73.47% of the total FLOKI supply while investors control 13.14% & retail traders hold 13.40%. This distribution indicates that large holders have a significant influence on FLOKI’s price movements.
Current Price Analysis
FLOKI is trading at $0.000158, up 2.5% in 24 hours with a 71% increase in trading volume. Meanwhile, major meme coins like DOGE, SHIB, PEPE & WIF have experienced declines of 3.3%, 2.5%, 4.5% & 6%, respectively.
Source - bitcompare.net
