FLOKI is set for a 45% rally, metrics flash a buy signal on the chain
Amid the ongoing market reversal, FLOKI, the popular meme coin, is poised for a significant upside rally due to its recent collapse and on-chain metrics. In the year On September 24, 2024, Mem Coin experienced a dramatic price increase, resulting in a critical resistance level of $0.000137.
Current price momentum
At press time, FLOKI is trading near $0.000141 and has experienced a price increase of over 6.4% in the last 24 hours. At the same time, investors and traders showed great interest. According to CoinMarketCap data, FLOKI's trading volume has increased by 35%, which shows the high participation from traders and investors following its recent opening.
FLOKI technical analysis and upcoming levels
According to CoinPedia's technical analysis, FLOKI is trading below the 200 exponential moving average (EMA) on the daily time frame, possibly due to the breakout of both consolidation zones and the resistance level of 0.000137.
The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend. To confirm this breakout, FLOKI needs to close the daily candle above the $0.000142 level.
Based on the historical price movement, with the recent opening, there is a strong possibility that FLOKI's price could rise by 45% and reach the $0.00021 level in the coming days. However, meme coin may face a hurdle at the $0.00016 level in the upcoming rally.
Bullish gauges on the chain
This bullish attitude is further supported by chain measurements. According to on-chain analytics firm Coinglass, FLOKI's long/short ratio currently stands at 1.238, indicating strong market sentiment among traders. Additionally, the futures open interest rose 17% in the last 24 hours and 4.9% in the last four hours.
This increasing open interest indicates that traders and investors may place larger bets on long positions. Currently, 55.33% of top traders hold long positions while 44.67% hold short positions.
