Floki price rises as exchange reserves tumbles, social dominance surges
Floki price has rebounded in the past few days, reaching its highest level in almost a month as its social sentiment score improved and exchange reserves dipped.
Floki (FLOKI), one of the biggest meme coins in the cryptocurrency industry, rose to a high of $0.000089, up by over 45% from its lowest level in June. The rebound happened in a high-volume environment, with its 24-hour volume jumping by 83% to $211 million.
The Floki token’s jump coincided with a big increase in its social volume. Santiment data shows that the volume jumped to 21, the highest level since June 5. Similarly, the chart shows that the social dominance score skyrocketed to 0.293%, the highest level since March 25.
A surge in social dominance and volume is a bullish catalyst because it signals more interest among retail traders. This, in turn, may stimulate fear of missing out, or FOMO.
Floki’s price also jumped as the volume of exchange balances continued its downward trend, reaching the lowest level since August last year. There were 1.93 trillion tokens in exchanges, down from 2.18 trillion in November last year. Falling exchange balances is a sign that investors are no longer dumping their holdings.
Meanwhile, the top 100 addresses have continued accumulating Floki, a sign that they expect the price to continue rising. These holders have boosted their positions by 16% in the last 12 months to 8.93 trillion tokens.
Floki’s rebound also mirrored the performance of other top meme coins that rallied. Bonk (BONK) rallied by 59% in the last seven days, while Useless Coin has soared by 40% in the same period.
Floki price technical analysis
The daily chart shows that the Floki token has rebounded in the past few months, moving from a low of $0.00004570 to $0.000080. It has moved above the 50-day Exponential Moving Average, while the Relative Strength Index and the MACD have all pointed upwards.
Floki’s price has formed a symmetrical triangle pattern, with the two trendlines nearing their confluence level, which may lead to a breakout. The next point to watch will be $0.00010, the upper side of the triangle. A move above that level will point to more upside, potentially to $0.0001230, its highest point in March.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Australian Dollar declines to near 0.7150 as hot US inflation data boost case for Fed rate hike
The AI super bull market still has room for imagination, but Wall Street has quietly prepared "two types of insurance": to guard against slow declines eroding returns, as well as to protect from sudden crashes.
Due to rising interest rates and oil prices causing the stock market rally to stall, investors are divided—some worry about a rapid sell-off, while others are concerned about a slow market decline. Some traders have become more creative with bearish strategies, such as buying put options on the Chicago Board Options Exchange Volatility Index or the S&P 500, or using double binary options to bet on a gradual price drop.
Sui trades near $0.72 as TD Sequential flashes buy signal, support zone in focus
Crypto prices
More
