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FLOKI Price Prediction: Will a Breakout Emerge Next After Consolidation?
As the crypto market continues to grapple with volatility and uncertainty, FLOKI has been trapped in a range-bound market for the past week. The cryptocurrency’s open interest has witnessed a surge from $16M to $24M, signaling a potential increase in speculative interest.
In this analysis, we will explore whether a breakout is imminent or if the price of FLOKI will continue to consolidate.
FLOKI’s recent performance has been nothing short of bearish. Over the past month, its value declined by 21%, accompanied by a $1.75 billion market capitalization drop from $2.65 billion. Currently trading at $0.000183, the memecoin’s price is still under bearish pressure.
Despite this bearish trend, FLOKI appears to be defending its critical support level. However, this lack of buy-side pressure might have led to a consolidation phase.
The cryptocurrency has been oscillating between the levels of $0.000173 and $0.000190 over the past week. This consolidation period could be driven by the absence of conviction among buyers.
It is crucial to assess FLOKI’s trading charts for potential buy signals. One such signal emerged in the form of a MACD crossover, where the MACD line crossed above the Signal line. If this buying pressure continues and exceeds selling pressure, it might facilitate a bullish breakout from the current consolidation range.
The recent surge in open interest, indicating rising speculative interest, could be an indication that FLOKI’s price is about to break out of its current consolidation phase.
In terms of key levels to watch, FLOKI’s IOMAP (In/Out of the Money Around Price) suggests that it has become stuck between a supply zone and a demand zone. A significant support level could be found at $0.000180, as 2,090 addresses have purchased 354B FLOKI tokens at this price.
Conversely, there exists a crucial resistance level at $0.000186, where 1,250 addresses acquired 70B FLOKI tokens. This area is likely to be a strong resistance zone, as these investors might choose to sell their holdings once they have realized profits.
To confirm the emergence of a breakout, it is essential for there to be an increase in buying activity and interest from speculative traders. If this momentum fails to materialize, FLOKI may fall below the demand zone, potentially leading to a bearish reversal.
In conclusion, the near-term prospects for FLOKI’s price depend on the intensity of buying activity and the sentiment among market participants.
Source: ambcrypto.com
