The dog meme-inspired cryptocurrency FLOKI is currently trading at $0.0001768, with notable fluctuations over the past 24 hours. FLOKI plans to launch its exchange-traded product (ETP) in Q1 2025, becoming the second meme coin to offer such a regulated product after Dogecoin.
A major step forward approved by the community
On December 27, a proposal to support the launch of this ETP was passed with a massive 99.9% support, representing 332.7 billion votes in favor. The ETP will be listed on the SIX Swiss Exchange, and to ensure its liquidity, a portion of the 16.3 billion FLOKI tokens held in the community wallet will be used, representing approximately $2.8 million. The remaining tokens will be burned, reducing the overall supply and increasing the potential value of the asset.
Technical analysis and recent performance
Despite these promising announcements, FLOKI has seen a loss of 1.94% over the last 24 hours. After opening at $0.0001719, the coin has been oscillating lower before stabilizing around $0.0001768. Its market cap stands at $1.7 billion, but its trading volume has dropped by 37.48%, falling to $218 million according to data from CoinMarketCap.
Market Signals: Bullish or Bearish?
Technical indicators offer a mixed outlook:
MACD (Moving Average Convergence Divergence): This crossover slightly above the signal line suggests a possible uptrend, but a reversal could indicate weak buying pressure.
CMF (Chaikin Money Flow): At -0.14, it signals a negative capital flow, with selling pressure greater than buying pressure.
Moving Averages: The short-term moving average (9 days) remains above the long-term moving average (21 days), indicating a potential trend breakout.
RSI (Relative Strength Index): At 52.61, it reflects a neutral situation, neither overbought nor undervalued.
Possible scenarios
If FLOKI fails to hold its key support at $0.0001740, a decline towards $0.0001710 is possible. On the other hand, a break of the resistance at $0.0001794 could push the price towards $0.0001818, paving the way for a stronger uptrend.
Please note: These forecasts do not represent an investment recommendation. It is essential to conduct thorough research before making any financial decision.
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