FLOKI eyes $0.000125 as bullish momentum grows
- FLOKI surged by 20% over the weekend to hit a monthly high of $0.000116.
- The rally comes after Valour launched the first FLOKI ETF in Europe.
- The memecoin could rally towards the August high of $0.000125 if the bullish trend continues.
Memecoins put in a strong performance over the last few days, backed by Bitcoin’s rally to a new all-time high.
However, FLOKI, the native coin of the Floki Inu ecosystem, was one of the best-performing memecoins in the top 100.
The coin added over 20% to its value within the last seven days thanks to strong fundamentals.
FLOKI is now targeting new monthly highs as bullish momentum continues to grow.
Valour launches Europe’s first FLOKI ETP
FLOKI added roughly 20% to its value over the weekend, outperforming Bitcoin and the broader cryptocurrency market.
The rally can be attributed to the launch of Floki’s first exchange-traded product (ETP) in Europe, called Valour Floki SEK ETP.
Developed by Valour, a subsidiary of DeFi Technologies, the ETP allows retail and institutional investors to gain exposure to FLOKI without directly holding crypto.
This latest development makes FLOKI the first BNB Chain ecosystem token, besides BNB, to secure an ETP.
FLOKI is live on the BNB and Ethereum blockchains.
It is one of the memecoins with a wide range of utility beyond speculation.
The Floki ecosystem is vast as it includes a play-to-earn non-fungible token (NFT) game, a DeFi asset locker, an NFT marketplace, and a crypto education platform.
The launch of the FLOKI ETP saw the memecoin rally from $0.000085 to $0.000116 in less than 24 hours.
The coin could surge higher in the near term, with the August high now a possible target.
FLOKI to break above the $0.000125 resistance
The FLOKI/USD 4-hour chart is bullish but inefficient thanks to its impulsive rally on Saturday.
The coin is now retracing to pick up liquidity to the downside and gain efficiency before rallying higher.
At press time, FLOKI is trading at $0.0001007, down 4% in the last 24 hours.
However, the momentum indicators are bullish, suggesting that the memecoin could record further gains in the near term.
The MACD lines have been in the positive zone since October 1st, suggesting a strong bullish bias.
The RSI of 64 also shows that buyers are in control, with further upward movement expected to push the RSI number into the overbought region.
To gain efficiency, FLOKI will likely drop to the $0.000090 region, covering the large FVG gap on its 4-hour chart in the process.
After gaining efficiency, FLOKI could seek to reclaim the weekend high of $0.000116.
An extended rally would allow the coin to target the August high of $0.000125 in the coming days or weeks.
However, failure to reclaim the recent high of $0.000116 could see FLOKI dip lower towards the support level at $0.000086.
Unless the broader market embarks on a bearish run, this support level will likely hold in the near term.
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.
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