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$FLOKI could soar by 45% to reach the $0.00021 level if it closes its daily candle above the $0.000142 level.
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$FLOKI’s long/short ratio currently stands at 1.238, indicating strong bullish market sentiment among traders.
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Its future open interest has skyrocketed by 17% over the past 24 hours suggesting traders are making big bets on long positions.
Amid ongoing market reversal, Floki ($FLOKI) the popular meme coin is poised for a significant upside rally potentially due to its recent breakout and bullish on-chain metrics. On September 24, 2024, the meme coin experienced an impressive price surge resulting in the breakout of a crucial resistance level of $0.000137.
Current Price Momentum
At press time, $FLOKI is trading near $0.000141 and has experienced a price surge of over 6.4% in the past 24 hours. During the same period, investors and traders have shown strong interest. According to CoinMarketCap data, $FLOKI’s trading volume has skyrocketed by 35%, indicating higher participation from traders and investors following its recent breakout.
$FLOKI Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, $FLOKI appears bullish despite trading below the 200 Exponential Moving Average (EMA) on a daily time frame, likely due to the breakout from both the consolidation zone and the resistance level of $0.000137.
The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend. To confirm this breakout, $FLOKI needs to close its daily candle above the $0.000142 level.
Based on the historical price momentum, with the recent breakout, there is a strong possibility that the $FLOKI price could soar by 45% to reach the $0.00021 level in the coming days. However, the meme coin may face a hurdle at the $0.00016 level during its upcoming rally.
Bullish On-chain Metrics
This bullish outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, $FLOKI’s long/short ratio currently stands at 1.238, indicating strong bullish market sentiment among traders. Additionally, its future open interest has skyrocketed by 17% over the past 24 hours and 4.9% over the past four hours.
This rising open interest indicates that traders and investors are potentially making big bets on long positions. Currently, 55.33% of top traders hold long positions, while 44.67% hold short positions.