- The cryptocurrency market is witnessing a significant surge, with Floki Inu (FLOKI) leading the charge.
- Recent data indicates a bullish trend, driven by substantial whale accumulation and positive market sentiment.
- According to technical indicators, FLOKI is poised for a potential 50% rally, making it a focal point for traders and investors.
Discover why Floki Inu (FLOKI) is expected to rally by 50%, driven by strong market fundamentals and whale accumulation.
Floki Inu’s Bullish Market Structure
Floki Inu (FLOKI) has demonstrated a robust bullish market structure, gaining 35% since Monday, the 27th of May. Currently, it is just 3% below the highs that previously halted its upward momentum in March. This recent surge underscores the bullish intent and demand backing the meme token’s positive outlook.
Technical Indicators Signal Further Gains
The technical indicators and price action on the daily chart suggest that FLOKI is on the verge of another significant rally. The $0.000222 level, a notable lower high from its mid-March retracement, has been flipped to support, along with the 50% retracement level at $0.000202. These levels now serve as strong support, reinforcing the bullish sentiment.
Moreover, the On-Balance Volume (OBV) has broken past a local resistance level, indicating firm buying pressure. The Relative Strength Index (RSI) on the daily chart is at 78, firmly in the overbought zone. While this does not necessarily signal an immediate pullback, it highlights the strength of the bulls during this recent move. Analysts predict more gains in the coming days, with potential take-profit targets at the 61.8% and 100% Fibonacci extension levels of $0.00045 and $0.00053, respectively.
Market Sentiment in Spot and Futures Markets
The bullish sentiment is evident in both spot and futures markets. The spot Cumulative Volume Delta (CVD) has reclaimed a local resistance level as support and surged higher in the past 24 hours, signaling strong demand in the spot market. Similarly, the Open Interest has seen a significant uptrend in the past two days, aligning with the price increase.
Although the funding rate remains positive, it has slightly decreased in recent hours. This could indicate that some futures traders believe the market is overextended and are no longer holding long positions. However, the overall market sentiment remains bullish, supported by substantial whale accumulation and positive technical indicators.
Conclusion
In summary, Floki Inu (FLOKI) is exhibiting a strong bullish market structure, supported by significant whale accumulation and positive technical indicators. With key resistance levels flipped to support and strong buying pressure evident in both spot and futures markets, FLOKI is poised for a potential 50% rally. Traders and investors should keep an eye on the $0.00045 and $0.00053 levels as potential take-profit targets. As always, it is crucial to conduct thorough research and consider market conditions before making any investment decisions.
