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.
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.
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.
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.
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