Amidst a bearish market sentiment where top cryptocurrencies are facing selling pressure, Floki (FLOKI) has caught the attention of traders and investors with its breakout and price surge. On August 28, 2024, FLOKI successfully retested its bullish double-bottom pattern, outperforming popular meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
FLOKI Price Prediction
Based on the price action and technical analysis, the successful double-bottom pattern could lead to a significant upside rally towards the next resistance. The breakout in FLOKI could potentially result in a price surge of 30% to reach the $0.00020 level. However, for FLOKI to skyrocket, it must close a daily candle above the $0.000158 level.
FLOKI Price Analysis
With a remarkable price surge of over 4% in the last 24 hours, FLOKI is currently trading near the $0.000157 level. The trading volume has also increased by 85% during the same period, indicating heightened participation from traders, likely due to FLOKI’s bullish trend.
Meanwhile, popular meme coins like DOGE, SHIB, and PEPE are facing challenges in gaining momentum. Data from Coinmarketcap shows that these meme coins have witnessed price drops of over 2.5%, 2.3%, and 4.7% respectively in the last 24 hours.
Liquidation Level and Rising Open Interest
Furthermore, FLOKI’s open interest (OI) has surged by 35% in the last 24 hours, as per data from the on-chain analytics firm CoinGlass. It has also increased by 10% in the past hours and 15% in the last 4 hours, indicating a growing interest from investors and traders post the recent retest.
Currently, the major liquidation level is around $0.000165 on the upper side as short traders are highly leveraged, according to CoinGlass data. If the bullish sentiment persists and the price of FLOKI rises to $0.000165, approximately $1.16 million worth of short positions will be liquidated.
