• FLOKI’s trading volume surpassed that of SHIB, PEPE, and DOGE.

  • The meme was overbought but a rebound to $0.000025 is likely in the mid-term.

  • If massive profit-taking begins, FLOKI would need the $0.000017 support to resist the pressure.

Before October began, many market participants believed that Floki (FLOKI) would have a good showing. Interestingly, the meme coin has not disappointed, as its value has increased by 61.55% in the last 30 days.

At press time, the price of FLOKI was $0.000026. However, the increase in value did not just happen without underlying developments. In fact, one reason the token was able to gather a lot of interest was the revelation by the FLOKI team that it was introducing more use cases, including the ability to stake the token.

As a result of the disclosure, interest in FLOKI increased significantly, and the likes of Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB) trailed behind it in terms of trading volume. According to FLOKI, the surge in interest helped it record an incredible 200 million transactions in daily spot trading.

#FLOKI has crossed an impressive $200M in daily spot trading volume across all exchanges!Surpassing popular memecoins $DOGE, $SHIB, and $PEPE, $FLOKI is currently the world's most traded 'memecoin.'Excitement continues to grow, leading to upcoming announcements and pivotal… pic.twitter.com/ynygruQMdB

— FLOKI (@RealFlokiInu) October 22, 2023

FLOKI Price Action

Furthermore. FLOKI did not only surpass the other top meme coins in terms of trading volume. When it comes to price action, none of PEPE, SHIB, or DOGE came close to FLOKI.  As per the price action, the 1-day FLOKI/USD chart showed that buying pressure was very present in the market.

However, there are chances that the token price may reverse the upward trend. This was because of the momentum displayed by the Relative Strength Index (RSI). At press time, the RSI was 79.84.

Although the indicator value is proof that bulls are in control, it is also a sign that caution should be exercised because an RSI value above 70 indicates that a cryptocurrency is overbought. That was the case with FLOKI, as a retracement could happen soon.

Apart from the RSI, there is also the possibility of widespread profit-taking. If holders decide to take profit around the same period, FLOKI may fall to $0.000020. However, if the meme support holds at $0.000017, then a rebound to $0.000025 may occur, possibly in the mid-term.

The strength FLOKI currently displays was also reinforced by the Awesome Oscillator (AO). At the time of writing, the AO was $0.0000044. This positive reading implies that the 5-period Moving Average (MA) was greater than the 34-period MA.

FLOKI/USD 1-Day Chart (Source: TradingView)

Therefore, it might be difficult to decelerate FLOKI’s current momentum. Should selling pressure overthrow the buying momentum, there could be changes in the momentum, and FLOKI may lose its hold on $0.000020.

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