FLOKI is trading at $0.0001768 in the last 24 hours.
Floki will launch its ETP in Q1 2025.
FLOKI is set to become the second meme coin to launch a regulated Exchange Traded Product (ETP) after Dogecoin, scheduled to launch in Q1 2025. The community has voted in favor of a proposal that will support the liquidity needed for the ETP launch.
The proposal was approved on December 27 with 99.9% of votes in favor, with 332.7 billion votes in particular supporting the initiative. In addition, the Floki ETP will debut on the SIX Swiss Exchange.
The proposal sought approval to use part of the 16.3 billion FLOKI tokens in the community buyback pool to provide liquidity for the ETP, valued at around $2.8 million. On the other hand, the remaining tokens will be burned to decrease the supply.
Dog-themed meme coin FLOKI has lost momentum by over 1.94% in the last 24 hours. The meme coin opened the day trading at $0.0001719 and has since traded lower, marking a low of $0.0001730.
At the time of writing, FLOKI was trading at $0.0001768 with a market cap of $1.7 billion. Meanwhile, the meme coin’s daily trading volume dropped by over 37.48% to $218 million, according to CMC data.
Will FLOKI be able to break through to the next level?
The Moving Average Convergence Divergence (MACD) line of the FLOKI/USDT trading pair is briefly above the signal line. This crossover indicates a shift in momentum towards the bullish side. If the MACD falls below the signal line, it reflects weak buying pressure.
FLOKI Chart (Source: TradingView)
Furthermore, the technical indicator that assesses capital flow, Chaikin Money Flow (CMF), is at -0.14, suggesting negative money flow. Selling pressure is stronger than buying pressure in the market.
The trading window for FLOKI revealed that the short-term 9-day moving average is above the long-term 21-day moving average, both positioned equally. This is interpreted as a signal to wait for a breakout or a trend direction. Furthermore, the daily relative strength index (RSI) is 52.61, indicating the asset’s neutral status.
The four-hour price trend chart reveals the bearish trading pattern of FLOKI. If the current trading level continues, the meme coin may face downward corrections, testing the support near $0.0001740. If it fails to hold this level, it could potentially slide towards the $0.0001710 range.
However, if the nearby resistance of FLOKI is broken, the price may rise to test the resistance of $0.0001794. The asset may break $0.0001818 with more momentum. Trading above this level is considered a crucial area to continue the uptrend.
Disclaimer: The opinions expressed in this article are solely those of the author. They do not constitute investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.
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