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- FLOKI could rise almost 50% to reach $0.00021 if it closes its daily candle above the $0.000139 level.
- 57.52% of top traders had long positions at the time of writing, while 42.48% had short positions.
After almost a month of consolidation, popular memecoin Floki [FLOKI] became poised for a significant upward rally amid this persistently struggling cryptocurrency market.
Since the end of August 2024, FLOKI has been consolidating in a very tight zone between $0.000115 and $0.000132.
However, the potential reason for this significant rally of over 50% is the bullish on-chain metrics, an impending breakout at the $0.000136 level, and an upcoming marketing announcement scheduled for September 24, as shared by the FLOKI community.
This is why FLOKI was able to rise by 50%
According to AMBCrypto’s technical analysis, despite breaking the descending trendline, FLOKI failed to gain momentum and was facing strong resistance near $0.000136 at the time of writing.
It was trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend.
The 200 EMA is a technical indicator that traders and investors often use to determine whether an asset is in an up or down trend.
Source: TradingView
Based on the historical price momentum, if FLOKI closes its daily candle above the $0.000139 level, there is a high possibility that the price could rise by almost 50% to reach $0.00021 in the coming days.
Bullish statistics in the chain
This positive outlook is further supported by on-chain metrics. According to on-chain analytics firm Coinglass, FLOKI’s Long/Short Ratio at the time of writing was 1.34, indicating bullish market sentiment among traders.
Source: Coinglass
Moreover, Futures Open Interest is up 7.3% in the last 24 hours, and 3.2% in the last four hours.
This rising Open Interest suggested that traders may build more long positions during the coming breakout.
Traders and investors often use the combination of rising open interest and a long/short ratio above 1 to build long positions.
At the time of writing, 57.52% of top traders had long positions, while 42.48% had short positions. This data indicated that bulls were dominating the asset.
Current price momentum
At the time of writing, FLOKI was trading near $0.000133, following a modest price increase of over 0.90% in the past 24 hours.
Realistic or not, here is FLOKI’s market cap in BTC terms
During the same period, trading volume increased by 38%, indicating greater trader participation.
Meanwhile, most cryptocurrencies, including Bitcoin, are active [BTC]Solana [SOL]and XRP had struggled to gain momentum over the past 24 hours until press time.
