There will soon be a rise in FLOKI price once it breaks above the falling trendline.
There has been activity in FLOKI's inactive wallets, according to on-chain statistics, which suggests a bullish move is imminent.
You may say goodbye to the bullish argument if the daily candlestick closes below $0.00011.
After a 10% rally, the price of FLOKI (FLOKI) surpassed the declining trendline. As of this writing on Wednesday, it is trading at $0.00015, up 4.4% from where it was trading earlier. The optimistic tendency is further supported by the suggestion of on-chain data, which can be seen in both active and inactive wallets.
Following a break below the declining trendline, the FLOKI price may stage a rebound.
After two days of consolidating below the falling trendline (created by joining many high levels from June 7), FLOKI's price surged 10% on August 22. On Wednesday, it trades at $0.00015, up 4.4%, with support around the 50-day Exponential Moving Average (EMA) of about $0.00014.
From its present trading level of $0.00015, FLOKI has the potential to rise 24% and retest its high of $0.00018, set on July 27, if the 50-day exponential moving average (EMA) at $0.00014 and the daily support level at $0.00013 continue to act as support.
Daily chart indicators such as the Relative Strength Index (RSI) and Awesome Oscillator (AO) are trading above their respective neutral levels of 50 and zero, lending credence to this rebound. There is a clear indication of bullish dominance from these momentum indicators.
At an average price of $0.000143, over 826 addresses gathered 9.82 billion FLOKI tokens, according to IntoTheBlock's In/Out of the Money Around Price (IOMAP). A critical support zone, these addresses purchased the dog-based meme token between $0.000141 and $0.000143.
Curiously, the $0.000143 levelâa zone suggested from a technical analysis standpointâcoincides with the IOMAP results, making this zone an important region to monitor for a reversal.
The technical bullish view is supported by Santiment's Age Consumed indicator. This index may be used to detect short-term local tops or bottoms by indicating that dormant tokens, which are tokens that have been held in wallets for a long time, are in motion via spikes.
According to FLOKI's past performance, price rallies followed the increases. According to the most recent upswing on August 20, FLOKI was also expected to have an uptrend soon.
The daily candlestick has to fall below the $0.00011 price level in order to make a lower low, even if the on-chain data and technical analysis are good. The bullish market structure would become negative in this case, which may lead to a 14% drop in FLOKI price, bringing it back down to its low of $0.000095 on August 5.