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FLOKI – THIS could help the memecoin reclaim $0.00018
Floki has experienced a remarkable surge of 4.17% over the past 24 hours, which is a significant uptick in its price. This sudden increase can be attributed to several factors that have come together to create a perfect storm for the memecoin.
Firstly, Floki saw a bullish crossover emerge on both its MACD and Stoch RSI indicators, indicating a strengthening upward momentum. This type of crossover is often seen as a strong buy signal in technical analysis, and it has been effective in predicting price movements in the past.
Furthermore, large transactions have increased significantly over the past 24 hours, with a surge of 122% in whale activity. This suggests that whales are re-entering the market, actively accumulating Floki. The massive increase in trading volume also supports this narrative, as the memecoin’s daily chart has seen an impressive rise of 61.4%.
Additionally, the NVT ratio and transaction volume have dropped to a negative value, indicating that the market has entered oversold territory. Historically, this has led to price rebounds as buyers re-enter markets at lower prices.
Lastly, Floki’s MVRV has increased to 2.5 over the past two days, which is often seen as a signal for a potential rebound after dropping below 2.5.
In conclusion, with these positive sentiments, it appears that Floki may be on the cusp of a trend reversal, which could ultimately lead to the memecoin reclaiming $0.00018. However, if this sentiment reverses and sellers retake control, the memecoin could potentially drop to $0.00015.
It is crucial for traders to remain vigilant and continuously monitor the market for any changes in momentum, as the cryptocurrency market is known for its volatility.
Source: ambcrypto.com
