- Floki whales have discharged 30 billion tokens over the past two days, which could exert further downward pressure on the memecoin.
- Floki was confronted with a death cross on his one -day graph that could feed a downward trend.
Floki [FLOKI] acted at $ 0.00013, at the time of press, after a win of 7% in 24 hours. Trade volumes also rose by 93% to $ 369 million, which emphasizes the rising trader interest.
Despite the 24-hour profits, other statistics suggest, including whale activity and technical indicators, that Bears can regain control.
Whale sales can cause Bearish trends
Data from Intotheblock shown That whale activity around Floki has risen. Large transaction volumes rose by more than 3,000% in 24 hours to 50.5 billion Floki at the time of the press.
However, a lot of this whale activity seemed to come through through sales activities. Large holder Netflows turned negatively and fell from 21.39 billion to -8.42 billion.
Source: Intotheblock
This drop indicates that whale addresses have loaded nearly 30 billion tokens within two days. With whales that are good for 72% of Floki stock, this sales activity can cause fleeting movements.
Death Cross appears on Floki’s Daily Chart
A death cross appeared on the one -day map of the Memecoin, which suggests a continuation of Beerarish Trends. The 50-day exponentially advancing average (EMA) converged with the 200-day EMA. A crossover under the progressive average in the longer term has been established to feed the downward trend.
The relative strength index (RSI) shows an increase in sales activity after falling to 32. This indicator remains trend under the signal line, indicating strong Bearish trends.
Source: TradingView
If the bearish pressure continues, the memecoin can get a 54% decrease for support at the 1,618 Fibonacci level ($ 0.000059).
At the time of the press, Floki tested resistance at the FIB level of 0.786 ($ 0.000135). If it breaks this level with high purchase volumes, the next goal for price is $ 0.000206.
Long/short ratio shows a bullish bias
The long/short ratio of Floki showed an increase in long positions, which points to a bullish bias in the market, because most traders anticipate profit. In the past four days, this ratio has gradually risen from 0.61 to 1.03.
Source: Coinglass
Realistic or not, here is> Floki’s market capitalization in the conditions of BTC
An increase in long positions, although positively could not predict positively for the price if there is an unexpected swing to the disadvantage. Such a movement could cause long liquidations that will in turn increase the sales pressure.
Nevertheless, if the market sentiment remains positive, it can attract more buyers to Floki and support an uptrend.
