Following a major breakout that started on August 7, the price of Floki Inu (FLOKI) is currently trading with a positive bias. The next day, Dogecoin (DOGE), #Shibainu (SHIB), #pepe coin (PEPE), and Bone ShibaSwap (BONE) all traded in the negative, the meme coin outperformed its counterparts in the meme coin community.
Price of #FlokiInu soars 29%
The price of #Floki Inu (FLOKI) increased by 29% throughout the course of the previous day before being rejected by the 50-day Exponential Moving Average (EMA) at $0.00002027. Yet, it is still 25% above its opening price from September 8, and momentum indications suggest further increases are imminent.
Notably, FLOKI was freed from a bearish chart pattern thanks to the move, as Floki Inu had been consolidating within a parallel descending channel. This technical pattern develops when the price consolidates between two parallel, falling trendlines while making lower highs and lower lows.
The 50-day EMA may be surpassed by increased purchasing activity, turning it into a possible support floor before rising towards the 100-day EMA at $0.00002354. A significant move upwards would open the door for FLOKI to pursue the psychological $0.00003000. This action would represent a surge of 30% over the 100-day EMA barrier.
The Relative Strength Index (RSI) rise shows that momentum is increasing. Also, it is far below the 70 level at 54, indicating that there is still opportunity for further gains. This is supported by the Awesome Oscillator's histogram bars, which are saturated in green and indicate that bulls are in charge.
The Floki Inu price, on the other hand, can decline if early profit-takers decide to sell, possibly losing the support provided by the pattern's upper border at $0.00001657. The worst-case scenario would be for the meme currency to continue to decline, breaking through the resistance provided by the chart pattern's lower and midline limits to set a new range low.
The "co-founder" claim of Floki is being utilised to promote numerous shitcoins.
It occurs as numerous shitcoins continue to be promoted using the Floki "co-founder narrative. According to the assessments, the project's strength is supported by its robust community.
Yet, the Floki ecosystem has acknowledged that neither a founder nor a co-founder of the network exists. According to the story that comes after, the network's executive was "PetabyteCapital". To put an end to the rumours, the network asserts that it is really a "community effort" with no prior history of any top executives.
According to the research, people frequently make up relationships with the network in order to "use the project's brand capital and success to build fake buzz to promote their schemes."
This attendance serves as a reminder of the importance of community members conducting their own research and approaching investment decisions from a well-informed perspective.