The popular meme coin Floki (FLOKI) is poised for a significant upside rally but is currently facing strong resistance. After a recent price decline of over 25%, the meme coin is trying to rally, unlike major cryptocurrencies like Popcat (POPCAT), dogwifhat (WIF), and others. However, due to the strong resistance, it is struggling.
According to expert technical analysis, FLOKI is just a step away from its massive rally. It is currently facing resistance from the 200 Exponential Moving Average (EMA) on the daily time frame.
Based on the historical price momentum, if FLOKI breaks out from the 200 EMA and closes a daily candle above the $0.000147 level, there is a strong possibility it could soar by 20% to reach the $0.000175 level in the coming days.
However, FLOKI’s Relative Strength Index (RSI) is currently in oversold territory, which signals a bullish price reversal in the coming days.
Despite a positive outlook, FLOKI’s on-chain metrics suggest a mixed sentiment. According to on-chain analytics firm Coinglass, FLOKI’s Long/Short ratio currently stands at 1.048, indicating a bullish market sentiment among traders. A ratio value above 1 is considered a positive sign.
However, traders on Binance appear very bullish on FLOKI. In the past four-hour 66% of traders went long on the meme coin, while 34% took short positions.
Additionally, FLOKI’s future open interest remained unchanged in the past 24 hours, despite the market reversal. This stable open interest hints that investors are potentially afraid to build a new position until it breaks the 200 EMA resistance level.
At press time FLOKI is trading near $0.000143 and has experienced a price surge of over 2% in the past 24 hours. Despite this decent price increase, participation from investors and traders has skyrocketed, as its trading volume jumped by 70% during the same period.
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