Floki Inu (FLOKI), the Shiba Inu-themed meme coin, is hinting at a potential price surge in the coming days. Analysts are closely watching the token’s price action after it successfully breached a crucial resistance level.
FLOKI struggled around the $0.000150 mark for the past week. This level coincides with the 200-day Exponential Moving Average (EMA), a technical indicator used to gauge long-term trends. A breakout above this zone, which FLOKI recently achieved, is often seen as a bullish signal.
Experts believe a daily close above $0.000152 could trigger a 20% rally, potentially leading FLOKI back to its July 3rd high of $0.000186. Adding fuel to this bullish fire is a phenomenon called bullish divergence. Here, the price dips lower while the Relative Strength Index (RSI) indicator goes up, suggesting an underlying buying pressure that could propel the price upwards.
On-chain data from IntoTheBlock also paints an optimistic picture. Their “In/Out of the Money Around Price” (IOMAP) metric indicates a significant buying zone between $0.000144 and $0.000148. Nearly 452 wallet addresses accumulated a substantial amount of FLOKI tokens within this range, creating a strong support level. Interestingly, this support zone identified through on-chain analysis aligns perfectly with the key resistance level pinpointed by technical indicators.
However, a word of caution remains. If the daily candlestick price falls below $0.000129, it could signal a bearish shift. Such a move could potentially lead to a 15% price drop, dragging FLOKI back to its April 13th low of $0.000109.
In conclusion, FLOKI’s recent price action and on-chain data suggest a potential price increase. However, traders should stay vigilant and monitor price movements closely. A daily close above $0.000152 could trigger a significant rally, while a break below $0.000129 might indicate a bearish reversal.