5% drop in FLOKI’s price over the last 24 hours, market sentiment remained bullish as its Altrank surged to #1. Indicators are now suggesting a potential trend reversal.
A few days ago, FLOKI surged above a bullish pattern, suggesting potential for continued price increases. Recent data shows the memecoin is progressing well toward its targets. Additionally, a significant proposal was approved recently, expected to contribute to further growth in its market performance.
FLOKI Breaks Bullish Pattern with Potential for Price Surge
Recently, World Of Chart, a popular crypto-analyst, highlighted FLOKI’s breakout above a bullish symmetrical triangle pattern. This pattern emerged in March, and FLOKI successfully surpassed it just a few days ago, potentially setting the stage for a significant price increase of up to +100%. Since the breakout, FLOKI has appreciated by over 15%, indicating positive momentum for the memecoin.
Additionally, FLOKI announced the passing of a major proposal. According to its official communication on X handle, FLOKI DAO voted overwhelmingly in favor of burning 15,246,000,000 FLOKI tokens, with 99.84% of the votes supporting the burn. This deflationary measure could positively impact FLOKI’s future price performance by reducing circulating supply, a factor known to potentially drive asset prices higher.
Mixed Signals for FLOKI Amidst Optimistic Developments
Despite optimistic developments, FLOKI faced a different reality on the ground, with its price declining nearly 5% in just 24 hours, according to CoinMarketCap. Currently trading at $0.0002121 with a market capitalization exceeding $2 billion, the memecoin’s trajectory may soon shift.
LunarCrush’s latest tweet revealed that FLOKI’s Altrank surged to #1. Altrank, a metric combining special and market activity, suggests a potential price uptick for FLOKI in the near future.
Floki-on-Ethereum- Source: Santiment
Market sentiment surrounding FLOKI remained positive despite the recent price drop, reflected in its high weighted sentiment and MVRV ratio exceeding 25%, signaling bullish sentiment. However, an increase in the memecoin’s funding rate could pose challenges, as price movements typically oppose funding rate trends.
FLOKIUSDT – Source: TradingView
Despite these challenges, several market indicators remained optimistic. FLOKI’s price was above its 20-day Simple Moving Average (SMA) according to Bollinger Bands, while both the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) indicated price hikes, suggesting a potential reversal of the bearish trend.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
