news 
FLOKI – Why it may be the right time to buy IF this level holds
Floki is at a critical juncture in its price action, and traders are eagerly anticipating a breakout. As the token approaches $0.00028980 resistance, a confirmed move above this level could signal a significant shift in momentum.
Currently trading at $0.0002417, down by 0.09% over the last 24 hours, FLOKI’s price action is sending mixed signals. However, technical indicators suggest that the token is poised for an upside move.
The Relative Strength Index (RSI) shows a neutral zone, with a reading of 56.21, hinting at room for upward movement if buying pressure intensifies. Furthermore, the consolidation near the resistance zone indicates traders are positioning themselves for a potential breakout.
Floki’s daily active addresses have seen a significant decline to 2,096 from 4,085 the previous day, potentially suggesting reduced short-term network activity as market participants await a clear signal. Despite this, it is crucial to recognize that such a decrease does not necessarily indicate a lack of interest but rather caution among traders.
Notably, liquidation data has revealed $231.96 in liquidated longs, while shorts remain at zero, indicating bulls have taken higher risks ahead of the potential breakout. This muted activity signifies market caution as participants await confirmation of the expected upside move.
On-chain metrics support the notion that FLOKI is poised for a bullish move, with a stunning 112.57% price-DAA divergence. This level of optimism from long-term holders could translate into sustained upward momentum if resistance levels are breached.
In conclusion, traders should be cautious yet optimistic as they consider their next moves. A confirmed breakout above $0.00028980 could ignite a rally towards $0.00034883. The token’s price action is delicately poised, and only time will tell which direction FLOKI ultimately takes.
Source: ambcrypto.com
