- FLOKI could soar by 20% to hit the $0.00000723-level in the future
- Traders are currently over-leveraged at $0.0000547 on the lower side and $0.0000628 on the upper side
Amid the market’s ongoing recovery, Floki Inu (FLOKI), the popular memecoin, formed a bullish price action pattern on the charts. Owing to the same, the crypto may be poised for a massive upside rally.
This upside might follow the memecoin’s recent price recovery from its prolonged downtrend.
FLOKI technical analysis and price prediction
According to AMBCrypto’s analysis, FLOKI appeared bullish as it formed a bullish divergence on the daily charts and begun moving in an upward direction.
A bullish divergence occurs when the asset’s price either makes a lower low or remains stable while momentum indicators, such as the Relative Strength Index (RSI), make a higher low.
Source: TradingView
This seemed to suggest that the asset has been losing bearish momentum and may witness a price reversal.
Based on its recent price action, if the memecoin holds above the $0.0000056-level, there is a strong possibility that FLOKI could soar by 20% to hit the $0.00000723-level in the future.
Meanwhile, if this momentum continues and the memecoin breaches and closes a daily candle above the $0.0000073-level, it could soar by another 20% to touch the $0.00000885-level in the future.
Besides this bullish price action, FLOKI’s price remains below the 200 Exponential Moving Average (EMA) on the daily timeframe. This indicated that the asset may be in a strong bearish trend, especially on the back of its weak price action.
At press time, FLOKI was trading near $0.000059, after climbing by just 2.50% in the last 24 hours. Additionally, trader and investor participation seemed to have skyrocketed, resulting in a 10% jump in trading volume.
FLOKI profitability and trader activity
According to IntoTheBlock, the area between $0.000037 and $0.000047 is crucial. Especially since it’s a level where a crypto whale has accumulated 747.74 billion FLOKI tokens.
Additionally, it further revealed that on the back of the latest price surge, 55.27% of FLOKI holders turned profitable. 42% of addresses were still facing losses though due to a high purchase rate.
On the contrary, only 2.42% of FLOKI holders were at the breakeven level at press time.
Source: IntoTheBlock
Finally, in addition to FLOKI holders’ profitability, traders seemed to be over-leveraged at $0.0000547 on the lower side and $0.0000628 on the upper side.