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Posted:
- FLOKI has broken out of an ascending triangle, indicating potential for significant upward movement.
- Recent bullish metrics point to the memecoin potentially reaching 0.00016248—a pivotal level for reevaluating its price trajectory.
Despite a downturn last month, the market is showing signs of resilience. Floki [FLOKI] has achieved a notable 15.86% increase over the past week, with expectations of sustained growth.
Over the last 24 hours, FLOKI has added 3.58% in value, supported by encouraging technical patterns and indicators that predict further advances.
Bearish momentum is evident
FLOKI has recently broken through a symmetrical pattern that began forming in early August, oscillating within the confines of this setup.
Typically, this pattern indicates a bullish trend, which is confirmed by breaching the upper resistance line—a move FLOKI initially made. However, it was retracting at press time.
This pullback is typical of price dynamics, but FLOKI is still set to reach the channel’s peak at 0.00016248.
Source: Trading View
AMBCrypto anticipates an upcoming rally, following FLOKI’s recent breach of the Fair Value Gap (FVG) supply zone, spanning from 0.00013575 to 0.00014098, now serving as a support zone.
Steady growth in liquidity inflow
Utilizing the Money Flow Index (MFI) to assess the potential money inflows and outflows in FLOKI indicated that the asset may be well-positioned for further gains.
At press time, the MFI stood at 79.8, signifying that investors were actively investing in FLOKI.
However, should the MFI exceed the 80 threshold, FLOKI will enter the overbought territory.
This suggested that while purchasing may become more aggressive, a cooling down of prices could follow due to heightened market activity.
Short sellers face losses as FLOKI rises
Short traders betting against FLOKI are experiencing significant losses, as revealed by liquidation data from Coinglass.
Currently, over $18.9k has been forfeited by short traders due to adverse price movements and insufficient margins to sustain their positions.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
Furthermore, Open Interest in FLOKI has surged, registering an 8.94% increase in the past 24 hours, reaching $21.69 million from a previous low of $17.78 million on September 23.
Source: Coinglass
These developments serve as strong bullish signals, potentially propelling FLOKI toward its near-term price target of $0.00016248.
