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Floki: The memecoin could rally by 15% if THIS happens
According to recent market analysis and technical indicators, Floki (FLOKI) is set to reverse its downward trend, potentially leading to a significant 15% price increase. This projection is based on the formation of a bullish morning star candlestick pattern at the crucial support level of $0.00016 and the 200 Exponential Moving Average (EMA) on the daily time frame.
The memecoin has seen a surge in Open Interest (OI), with data revealing a staggering 14% increase in just 24 hours. This uptick in interest is likely driven by market sentiment and FLOKI’s price action, further supporting the potential for a rally.
Currently, major liquidation levels are near $0.000158 on the lower side and $0.000186 on the upper side. Traders are over-leveraged at these points, according to Coinglass data. This increased leverage could also contribute to FLOKI’s price increase, as nearly $165.35K worth of short positions will be liquidated if the market sentiment remains unchanged and the price rises to $0.000186.
On the other hand, if the current market sentiment shifts and the price declines to $0.000158, approximately $364.17K worth of long positions will be liquidated. However, based on recent data, it appears that bulls are dominating the asset and could support FLOKI in its potential bull run.
Floki’s technical analysis indicates a strong possibility of breaking above the resistance level at $0.000175, which would pave the way for a 15% increase to approximately $0.00021.
While there is no guarantee that this projection will come to fruition, it is essential for traders and investors alike to take note of these key market indicators and adjust their trading strategies accordingly.
In conclusion, FLOKI appears poised to reverse its downward trend and potentially rally by 15%. It remains crucial for market participants to stay vigilant and closely monitor the memecoin’s price action as this projection materializes.
Source: ambcrypto.com
