✅✅ Will ‘Coinbase effect’ have a role to play in FLOKI’s price targets ???
$FLOKI FLOKI bulls continue to dominate the market as the memecoin’s weekly and daily price charts remained green, at press time. Things can get even better for the altcoin, however, especially since a major exchange has now announced FLOKI’s listing – An update that can propel further growth in the coming days.
Coinbase lists FLOKI
CoinMarketCap’s data revealed that FLOKI has been enjoying a comfortable weekly rally as its value surged by more than 8.8% in the last 7 days. In fact, in the last 24 hours alone, the memecoin’s price spiked by 3.5%.
At the time of writing, the memecoin was trading at $0.0002284 with a market capitalization of over $2.16 billion. However, it was surprising to note that despite the bullish price action, FLOKI’s weighted sentiment dropped. Simply put, bearish sentiment retained its dominance in the altcoin’s market.
Coinbase listings often have a bullish impact on the listed token’s price, which is commonly referred to as the “Coinbase effect.” If such an episode happens on this occasion, then FLOKI’s bull rally might get a further push and help spur the memecoin’s fainting momentum.
FLOKI bulls to dominate more?
We found that FLOKI’s MVRV ratio remained relatively high, which can be inferred as a bullish signal.
However, the memecoin’s trading volume dropped last week after spiking on 22 May. On top of that, the crypto’s network growth also declined, meaning that fewer new addresses were created to transfer the token.
Nonetheless, market indicators continued to remain bullish. For example, the Chaikin Money Flow (CMF) registered an uptick. The Relative Strength Index (RSI) also went north, indicating that the chances of FLOKI continuing its rally were high.
If the bull rally continues, then the first target for FLOKI would be $0.00024 as liquidation would rise, which can result in a short-term price correction.
A successful breakout above this level would allow the memecoin to hit $0.00026–$0.00027.
