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Floki: The memecoin could rally by 15% if THIS happens
The memecoin market has been known to be highly volatile and unpredictable. However, recent data suggests that Floki (FLOKI) could potentially surge by a whopping 15% in the near future.
According to reports, FLOKI’s Open Interest (OI) has skyrocketed by an impressive 14% in just 24 hours. This sudden increase in interest from traders and long-term holders may signal a significant shift in market sentiment.
Data revealed that FLOKI’s OI is soaring, indicating a surge in trading volume and market participation. Furthermore, it appears that 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.
If the current market sentiment remains unchanged and the price rises to $0.000186, a staggering $165.35K worth of short positions will be liquidated. Conversely, if the sentiment shifts and the price declines to $0.000158, approximately $364.17K worth of long positions will be liquidated.
As it stands, bulls seem to be dominating the asset, which could potentially support the memecoin in a bull run. The rising interest and significant long positions are likely driven by the current market sentiment and FLOKI’s price action.
In terms of technical analysis, our sources indicate that Floki has formed 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. This development raises hopes for potential growth as it may lead to a price surge.
However, FLOKI is currently facing resistance at the $0.000175 mark. It’s essential to note that if Floki breaks above this level, the memecoin could potentially rally by 15% to reach the $0.00021 mark.
Source: ambcrypto.com
