- FLOKI breaks above $0.000073 after a 6% gain.
- 24-hour trading volume jumps by a massive 780%.
A 3.16% bearish push in the cryptocurrency market has made the majority of the assets light up the red candlesticks. Losing momentum back to back seems to give a big negative signal. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are going with the red flow, trading at around $108K and $3.8K.
Notably, the meme coin market cap is currently positioned at $62 billion. Among them, FLOKI has registered a solid jump of over 6.26%. The meme coin opened the day trading at its bottom range of $0.00006812, and gradually with the bullish shift, the price has taken the high road to the $0.00008831 level.
The CoinMarketCap data reports that at the time of writing, FLOKI trades at around $0.00007395, with a market cap of $704.54 million. Besides, the daily trading volume of the meme coin has exploded by over 780.27%, reaching the $661.83 million mark. Also, the FLOKI market has seen a 24-hour liquidation of $1.16 million.
Will FLOKI Maintain Its Upward Trajectory?
FLOKI’s technical analysis exhibits that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line. It indicates a bullish signal, with the momentum shifting upward, and the asset’s price may continue to move up.
FLOKI chart (Source: TradingView )
In addition, the Chaikin Money Flow (CMF) indicator of the meme coin is found at -0.14, suggesting mild selling pressure in the market. The negative value shows that the capital is flowing out of the asset. It gives a bearish bias, but not strongly, with weak distribution.
The active positive momentum might make the FLOKI price to climb higher and test its $0.00007403 resistance . If the upside correction continues, the meme coin could trigger the golden cross to take place, pushing the price to the $0.00007411 range or even higher.
Assuming the meme coin’s bearish outlook pops up, the price could slip and find the support at around $0.00007387. Further correction on the downside might initiate the emergence of the death cross, and send the FLOKI price below the $0.00007379 mark.
FLOKI chart (Source: TradingView )
Moreover, the meme coin’s daily Relative Strength Index (RSI) resting at 53.69 hints at a neutral condition, neither overbought nor oversold. A slight bullish tilt is present as it is above 50. FLOKI’s Bull Bear Power (BBP) reading of 0.00000199 points out a weak bullish momentum. The price could move either way, and there is no strong trend right now, only a slight bullish tone.
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