Despite the decline in the past month, the market is showing resilience. Floki has increased by a whopping 15.86% over the past week, with expectations of sustained growth. In the past 24 hours, FLOKI has added 3.58% in value, supported by encouraging technical patterns and indicators that point to further upside.

Clear Downtrend

FLOKI recently broke out of a symmetrical pattern that started forming in early August, oscillating within the framework of this setup.

Typically, this pattern indicates an uptrend, confirmed by a break of the upper resistance line—a move FLOKI initially made. However, at press time, it is retreating.

This pullback is typical of price momentum, but FLOKI is still set to hit the channel top at $0.00016248.

Source: Trading View

We anticipate an upcoming bullish move, after FLOKI recently broke the FVG supply zone, from $0.00013575 to $0.00014098, which is currently acting as support.

Steady Growth of Liquidity

Using the Money Flow Index (MFI) to assess potential cash inflows and outflows in FLOKI suggests that the asset may be well positioned for continued growth.

At press time, the MFI was at 79.8, indicating that investors are actively investing in FLOKI.

However, if MFI crosses above 80, FLOKI will enter overbought territory.

This suggests that while buying may become more aggressive, a pullback may occur due to increased market activity.

Short Sellers Suffer Losses as FLOKI Rises

Traders shorting FLOKI are experiencing significant losses, as revealed by liquidation data from Coinglass.

Currently, more than $18.9k has been lost by short traders due to unfavorable price movements and insufficient margin to maintain their positions.

Source: Coinglass

These developments serve as a strong bullish signal, which could push FLOKI towards the near-term price target of $0.00016248.