Floki (FLOKI), the fifth-largest memecoin, is emerging as a standout performer in a cryptocurrency market currently dominated by bearish trends. On August 28th, while the broader market saw a 5.7% decline, FLOKI defied the trend with a notable 2.6% price increase.
Bullish Momentum for FLOKI
This recent price surge has sparked optimism among investors, as FLOKI successfully confirmed a bullish double-bottom pattern. This technical signal suggests that the memecoin could be poised for a significant 20% increase, potentially reaching the $0.00019 level in the coming days. Further boosting this positive outlook, FLOKI is trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating that the coin is in a confirmed uptrend. The successful breakout has caught the attention of both investors and traders.
According to Coinglass, an on-chain analytics firm, FLOKI's Open Interest has risen by 8% in the last four hours and by 18% in the past 24 hours. Over the past week, bullish positions have steadily increased, putting nearly $1.08 million in short positions at risk of liquidation following the recent price surge.
FLOKI's Key Liquidation Levels
Coinglass’s exchange liquidation map identifies critical levels for FLOKI. The major liquidation thresholds are near $0.000139 on the downside and $0.000165 on the upside, where traders have heavily leveraged their positions. If FLOKI continues its upward momentum and reaches $0.000165, approximately $1.08 million in short positions could be liquidated. Conversely, a dip to $0.000139 could trigger the liquidation of nearly 134 million long positions.
Whales and Investors in Control
Analysis by IntoTheBlock reveals that whales currently hold 73.47% of the total FLOKI supply, while investors hold 13.14%, and retail traders hold 13.40%. This distribution suggests that large holders have a significant influence over FLOKI's price movements.
Current Price Analysis
At the time of writing, FLOKI is trading around the $0.000158 level, reflecting a 2.5% increase over the past 24 hours. Trading volume has surged by 71% during this period, indicating heightened trader activity following the successful retest of the bullish pattern.
In contrast, other leading meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF), have struggled to gain momentum, with price declines of 3.3%, 2.5%, 4.5%, and 6%, respectively, according to CoinMarketCap.
FLOKI's recent performance and the bullish technical signals suggest that the memecoin could be on the verge of a significant upward move, potentially setting the stage for a 20% surge in the near future.
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