news 
FLOKI Price Prediction – Is a Breakout Next After Consolidation?
In a recent development, the cryptocurrency market has been dominated by range-bound activity, with most digital assets stuck in a tight consolidation phase. One of these is FLOKI, which has been trading within a narrow band for the past week.
Earlier this week, FLOKI’s open interest stood at $16M. However, it has since surged to $24M on the charts. This hike indicated that speculative interest has been rising again, which could spike volatility in the market.
As FLOKI continues to consolidate within a narrow range of $0.000173 and $0.000190, traders are eager to know what the future holds for this memecoin. Is a breakout next?
The MACD line on the one-day chart has formed a buy opportunity after crossing above the Signal line. Furthermore, the histogram bars have turned green, indicating that buyers have been becoming increasingly active.
In order to support a bullish breakout, buying pressure would need to continue rising and outpace selling pressure. If this is the case, FLOKI could potentially break away from its current consolidation phase.
On-chain metrics indicate a strong supply zone above the press time price at $0.000186 where 1,250 addresses bought 70B tokens. It is possible that these traders may opt to sell their holdings once they become profitable, thereby creating resistance and hindering any potential breakout.
To break out of its consolidation phase, FLOKI would require a fresh influx of buying activity and interest from speculative traders. If this happens, it could imply that the market has developed a newfound conviction for this memecoin.
However, should buying pressure remain stagnant and FLOKI falls below the demand zone at $0.000180, it could lead to a bearish breakdown instead.
Source: ambcrypto.com
