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Floki

Assessing the odds of FLOKI gaining by 60% in the short term

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With the $0.000176 level flipped to support, this will be the bulls’ next target.

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Floki Climbs Past June Resistance; 60% Gain Expected
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  • FLOKI has a short-term bullish outlook after climbing above June’s local resistance zone
  • On-chain metrics showed the long-term outlook is bullish, with a chance of short-term holders realizing profits

FLOKI, at press time, was trading above the resistance zone it encountered in the latter half of June. In fact, it had formed a bullish pattern and can be projected to gain by 60% in value in the coming weeks.

The on-chain metrics relayed good news for the bulls a week ago and a 41% price bounce from the Fibonacci retracement level was soon seen. Also, technical analysis revealed that the upward momentum might likely continue, at least in the short term.

Another northbound move anticipated

FLOKI 1-day TradingView

Source: FLOKI/USDT on TradingView

The memecoin tested the 78.6% retracement level for the second time in four months. These Fibonacci retracement levels were plotted based on FLOKI’s rally in March, but are still pertinent.

With the $0.000176 level flipped to support, the bulls would be targeting $0.000222 as the next resistance. The daily RSI showed that momentum has turned bullish after moving above neutral 50. However, the A/D indicator did not bounce as quickly.

It halted the previous downtrend, but its northbound move was sluggish – A sign that buying pressure was weak. While this did not suggest a divergence, it could be a warning sign for the market’s buyers.

Network-wide accumulation has resumed

Floki Santiment

Source: Santiment

The mean coin age has trended higher after a steep fall in early June. This can be interpreted to be a sign of accumulation. The 30-day MVRV climbed into the positive territory, which could lead to sell-pressure from short-term profit taking activity.

Is your portfolio green? Check the Floki Profit Calculator

Finally, the social volume has been diminished compared to the heights of late May. A sustained bullish trend could see more engagement and spur demand in the coming weeks.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

 

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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