Story Highlights

$FLOKI

could soar by 20% to reach the $0.000175 level if it closes a daily candle above the $0.000147 level.

66% of Binance #traders went long on #FLOKI? , while 34% took short positions.

FLOKI’s future open interest remained unchanged in the past 24 hours, despite the market reversal.

The popular meme coin Floki (FLOKI) is poised for a significant upside rally but is currently facing strong resistance. After a recent price decline of over 25%, the #memecoin🚀🚀🚀 is trying to rally, unlike major cryptocurrencies like Popcat (POPCAT), dogwifhat ($WIF

), and others. However, due to the strong resistance, it is struggling.

FLOKI #TechnicalAnalysis and Upcoming Levels

According to expert technical analysis, FLOKI is just a step away from its massive rally. It is currently facing resistance from the 200 Exponential Moving Average (EMA) on the daily time frame.

Source: Trading View

Based on the historical price momentum, if FLOKI breaks out from the 200 EMA and closes a daily candle above the $0.000147 level, there is a strong possibility it could soar by 20% to reach the $0.000175 level in the coming days. 

However, FLOKI’s Relative Strength Index (RSI) is currently in oversold territory, which signals a bullish price reversal in the coming days.

FLOKI’s On-Chain Metrics

Despite a positive outlook, FLOKI’s on-chain metrics suggest a mixed sentiment. According to on-chain analytics firm Coinglass, FLOKI’s Long/Short ratio currently stands at 1.048, indicating a bullish market sentiment among traders. A ratio value above 1 is considered a positive sign.

Source: Coinglass

However, traders on Binance appear very bullish on FLOKI. In the past four-hour 66% of traders went long on the meme coin, while 34% took short positions.

Additionally, FLOKI’s future open interest remained unchanged in the past 24 hours, despite the market reversal. This stable open interest hints that #investors are potentially afraid to build a new position until it breaks the 200 EMA resistance level.

Current Price Momentum 

At press time FLOKI is trading near $0.000143 and has experienced a price surge of over 2% in the past 24 hours. Despite this decent price increase, participation from investors and traders has skyrocketed, as its trading volume jumped by 70% during the same period.