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Floki: The memecoin could rally by 15% if THIS happens
Floki’s Open Interest (OI) has seen a significant surge of 14% in the past 24 hours, a sign that traders and long-term holders are increasingly optimistic about its future prospects. This shift in sentiment could be a key factor in determining the memecoin’s short-term trajectory.
According to recent on-chain metrics, FLOKI’s price is primed to reverse its downward trend following the formation of a bullish price pattern. Floki, along with other major cryptocurrencies such as Cardano [ADA], Ripple[XRP], and Shiba Inu (SHIB), has shown a similar price recovery as of December 24th, 2024.
A closer look at FLOKI’s technical analysis reveals that the meme coin is poised to rise by 15% if it breaks above the $0.000175 resistance level. This move would put the memecoin at $0.00021, marking a significant turning point in its current market sentiment.
The data suggests that traders are over-leveraged near $0.000158 on the lower side and $0.000186 on the upper side, which could amplify any potential price movements. Moreover, FLOKI’s Open Interest has risen sharply, indicating an increased interest from both short-term and long-term investors.
Floki’s ability to break above its current resistance level will be crucial in determining whether or not it can achieve this 15% rally. Should the price close a daily candle above $0.000175, it would further validate this bullish thesis.
It is essential to note that FLOKI has been trading near $0.000175, and any attempt to break through could lead to significant liquidations should the sentiment shift negatively. This underscores the importance of maintaining a cautious approach in the market.
In summary, FLOKI’s price could soar by 15% if it successfully breaks above its current resistance level at $0.000175.
Source: ambcrypto.com
