FLOKI, the fifth-largest memecoin, has been making waves amidst the current bearish market sentiment due to its impressive performance and bullish price action pattern. While the overall cryptocurrency market was down by 5.7% on August 28th, FLOKI experienced a notable price surge of over 2.6%.
A Bullish Outlook
This recent price surge has created a bullish outlook for the FLOKI memecoin. Based on its price action, the coin has successfully retested the breakout of a bullish double-bottom pattern, suggesting a strong potential for further upward movement.
There is a high likelihood that FLOKI could soar by 20% to reach the $0.00019 level in the coming days. Additionally, FLOKI was trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating it was in an uptrend.
Growing Investor Interest
With this successful breakout, investors and traders’ interest in the memecoin is gradually increasing. According to the on-chain analytic firm Coinglass, FLOKI’s Open Interest has increased by 8% in the last four hours and by 18% in the last 24 hours. This indicates growing bullish sentiment and potential for further price appreciation.
Meanwhile, over the last seven days, bull bets on the long side have been steadily increasing. With the recent price surge, nearly $1.08 million of short positions are at risk of liquidation.
Key Liquidation Levels
According to Coinglass’s exchange liquidation map indicator, the major liquidation levels are near $0.000139 on the lower side and $0.000165 on the upper side. If the sentiment remains bullish and FLOKI rises to $0.000165, approximately $1.08 million worth of short positions will be liquidated.
Conversely, if the sentiment shifts and the price falls to $0.000139, nearly 134 million long positions will be liquidated.
Whale and Investor Holdings
While examining the holdings of whales and investors, it looks like they could easily manipulate FLOKI’s price. According to the on-chain analytic firm IntoTheBlock, at press time, whales held 73.47% of the total FLOKI supply, investors held 13.14%, and regular retail traders held 13.40%.
Current Price Analysis
At press time, FLOKI was trading near the $0.000158 level, having experienced a price surge of over 2.5% in the last 24 hours. Its trading volume has increased by 71% during the same period, indicating higher participation from traders amid successful retest.
Other Meme Coins Lagging
Other top meme coins, including Dogecoin [DOGE], Shiba Inu [SHIB], Pepe [PEPE], and dogwifhat [WIF], are struggling to gain momentum. Based on CoinMarketCap, DOGE, SHIB, PEPE, and WIF have experienced a price decline of over 3.3%, 2.5%, 4.5%, and 6%, respectively.
As FLOKI continues to exhibit strong bullish momentum and growing investor interest, it remains to be seen whether it can sustain its upward trajectory and achieve a 20% price surge in the coming days.
