FLOKI [FLOKI] Memecoin Poised for a Significant 20% Price Surge

The popular Floki [FLOKI] memecoin is poised for a significant 20% price surge after a recent breakout of the crucial resistance level.

Popular memecoin Floki [FLOKI] is set to experience a 20% price surge following a breakout of a crucial resistance level. This breakout coincides with a shift in overall market sentiment from a downtrend to an uptrend.

At press time, FLOKI trades around $0.000144 and has seen a significant price surge of over 9% in the past 24 hours. Participation from traders and investors has also skyrocketed, with its trading volume soaring by 78% during the same period.

A technical analysis by AMBCrypto shows that FLOKI is bullish and poised for an upside rally. Since 27 September, the memecoin has been in a downtrend and formed a descending trendline where it has consistently faced rejection.

However, with the recent price surge, FLOKI breached that resistance and closed a four-hour candle above the horizontal level of $0.00001442. There is a strong possibility that the meme coin could soar by 20% to reach the $0.000177 level in the coming days.

As of this writing, FLOKI is trading above the 200 Exponential Moving Average (EMA) in a four-hour time frame, indicating an uptrend. Whereas, in the daily time frame, it is facing resistance from 200 EMA.

Another technical indicator, the Relative Strength Index (RSI) is signaling a bullish momentum as its value shows that the meme coin is in an oversold area. Traders and investors often analyze the RSI when building long or short positions based on its value.

Technical analysis suggests that FLOKI is bullish and poised for an upside rally. Several on-chain metrics also support this positive outlook.

According to on-chain analytics firm Coinglass, FLOKI’s long/short ratio currently stands at 1.509, indicating strong bullish sentiment among traders.

This metric shows that there are more traders betting on FLOKI to rise than to fall. Currently, 60.15% of top traders hold long positions, while 39.85% hold short positions.

Combining technical analysis part and data by on-chain metrics it appears that bulls are currently dominating the FLOKI meme coin and there is a strong possibility it could soar by 20% in the coming days.

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