Floki [FLOKI] is seeing another buying spree following Monday’s rally, which could signal a possible near-term rebound.
On October 14, FLOKI rallied around 12% but faced a sharp retracement after hitting a critical hurdle.
But with memecoin’s continued dominance and clear investor interest in FLOKI, should you jump on the bandwagon?
FLOKI's ranking position
On the high time frame charts, FLOKI’s market structure appears bullish after setting new highs on Monday. But gains have been stalled in the middle of the ascending channel (yellow).
The lower boundary of the channel has served as a key support and market entry point for bulls since August. The support also coincides with the bullish order block (OB) around $0.000014, making it a key demand area.
Therefore, a pullback could be a buying opportunity with bullish targets at the mid-range, 200-MA (moving average), or range high. The Stochastic RSI has reversed, supporting the upside projection.
But a break below the channel range low would weaken the above bullish thesis.
FLOKI Accumulation Surge
Perhaps one of the most bullish data points is the rising accumulation trend, as indicated by a surge in off-exchange supply.
This means more users are moving their meme coins from centralized exchanges (CEX) into their own custody. This means confidence in future price increases is high.
Likewise, supply on exchanges has also declined at press time. This suggests that selling pressure on centralized exchanges has eased, which is an excellent condition for FLOKI to rebound.
However, the overall weighted sentiment is close to neutral, indicating that speculators are neither bullish nor bearish at the time of writing.
In short, FLOKI prices are showing no signs of prioritizing direction as investors remain cautious after Monday’s surge.
That being said, a pullback to key support levels could provide new entry points for FLOKI speculators, especially if the uptrend momentum picks up again.
