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$FLOKI successfully retested its bullish double-bottom pattern, potentially leading to a 30% surge to the $0.00020 level.
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$FLOKI’s open interest (OI) has skyrocketed by 35% in the last 24 hours.
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If $FLOKI's price rises to $0.000165, nearly $1.16 million of short positions will be liquidated.
In this bearish market sentiment, where the top cryptocurrencies are experiencing selling pressure, Floki ($FLOKI) is gaining significant attention from traders and investors following its breakout and price surge. On August 28, 2024, $FLOKI successfully retested its bullish double-bottom price action pattern and outperformed top meme coins including Dogecoin($DOGE), Shiba Inu ($SHIB), and Pepe ($PEPE).
$FLOKI Price Prediction
Based on the price action and technical analysis, the successful double-bottom pattern could lead to a significant upside rally up to the next resistance. Meanwhile, in $FLOKI, this breakout could result in a significant price surge of 30% to the $0.00020 level. However, $FLOKI will only skyrocket if it closes a daily candle above the $0.000158 level.
$FLOKI Price Analysis
With an impressive price surge of over 4% in the last 24 hours, $FLOKI is currently trading near $0.000157 level. Meanwhile, its trading volume has increased by 85% during the same period, indicating higher participation from traders, potentially due to $FLOKI’s bullish outlook.
Meanwhile, top meme coins including $DOGE, $SHIB, and $PEPE are struggling to gain momentum. According to coinmarketcap data, these meme coins have experienced price drops of over 2.5%, 2.3%, and 4.7% respectively, in the last 24 hours.
Liquidation Level and Rising Open Interest
Additionally, $FLOKI’s open interest (OI) has skyrocketed by 35% in the last 24 hours, according to the data from the on-chain analytic firm CoinGlass. It has also increased by 10% in the past hours and 15% in the last 4 hours. This rising OI indicates growing interest from investors and traders amid the recent retest.
As of now, the major liquidation level is near $0.000165 on the upper side as short traders are over-leverage, according to CoinGlass data. If the sentiment remains bullish and the $FLOKI price rises to $0.000165, nearly $1.16 million worth of short positions will be liquidated.