Amidst the current downturn experienced by the global crypto market, Floki Inu (FLOKI) has gained traction from both traders and investors. This market turmoil has also pushed down FLOKI prices by approximately 8%. This significant price change has raised an important dilemma: should you buy, sell, or hold FLOKI? In order to navigate this unpredictable market, we will analyze FLOKI’s technical indicators, to offer a thorough analysis and assist with your investment choices.
FLOKI Price Market Performance
FLOKI price is currently trading at $0.000246, having experienced a drop of 8% over the past day. Despite this daily setback, FLOKI has demonstrated resilience with a bullish trend of 6.95% and 58.62% over the past week and month respectively.
Boasting a market capitalization of $2.4, the token positions itself as the 50th largest cryptocurrency, according to Coinmarketcap.
However, Floki Inu records a trading volume of $694.04, a drop of 29.02% over the pat 24 hours. This reduced trading activity indicates that the market sentiment is cautious. Nevertheless, the token is experiencing relative liquidity in the market with the volume-to-market cap ratio of 29.26%.
FLOKI is still 28.18% from hitting its previous all-time high of $0.0003437 it achieved on November 4, 2021
Despite recent fluctuations, FLOKI continues to be a significant player in the cryptocurrency market.
This performance comes amid Floki Inu revealing plans for a closed beta mainnet launch of its trading bot on Ethereum, Coinbase’s Base, and Binance’s BNB mainnets, with only 150 users for two weeks.
Participants must submit feedback, execute trades, and complete a survey to be eligible for rewards. The beta aims to identify bugs and gather user input, enhancing the trading experience with FLOKI as the utility token.
Analysts predict a price increase for FLOKI, potentially reaching $0.00054673. The project will burn half of the fees generated by the bot, aligning with the meme cryptocurrency’s goals.
Technical Analysis of FLOKI Price
The moving averages for FLOKI suggest bullish sentiment. Exponential Moving Averages (EMA) are showing a “Buy” signal for all periods. This indicates that the price is moving above these averages, suggesting an upward trend.
Simple Moving Averages (SMA) for the identical time frames also endorse a “Buy” position. This consistent trend across various time periods indicates a strong upward movement, prompting a strategy to buy.
Additionally, oscillators offer further confirmation by examining the momentum of price changes. RSI is at 57.97, showing a neutral position with no signs of overbought or oversold situations.
MACD level on the other hand, suggests a buying opportunity, indicating positive market momentum.
Fibonacci retracement levels play a key role in determining possible areas of support and resistance. If the FLOKI price falls, important levels of support to watch are 0.0000360723 and 0.0000881077. Conversely, if FLOKI price increases, resistance levels can be identified at 0.0002243261 and 0.0002564736.
The present price is close to the upper resistance level, suggesting a possibility of encountering resistance. Nevertheless, surpassing this barrier could indicate a significant increase in the market.
Conclusion: Should you Buy, Sell or Hold on Your Investment?
Based on the moving averages signaling strong buys and the MACD indicating bullish momentum, along with neutral oscillators, the technical analysis suggests an opportunity to buy. The drop in FLOKI price currently could just be a short-term setback, offering a good opportunity to buy.
Actionable insights:
Buy: Investors seeking long-term profits could think about buying FLOKI, taking advantage of the positive signs from the moving averages.
Sell: Those who trade in the short-term should be on the lookout for indications of a change in direction or a period of stability, particularly with conflicting signals from the oscillators.
Hold (Hodl): If you currently hold FLOKI, it might be smart to continue holding onto your position due to the general upward trend, but make sure to monitor crucial support and resistance levels for any potential significant changes.
Nevertheless, traders need to exercise caution when approaching the recognized resistance levels and take into account the overall market situation. Holding (HODL) could be a feasible strategy for investors looking for long-term prospects, especially with the continued upward trend in moving averages.
The post FLOKI Price Dropped 15%; Buy, Sell or Hodl? appeared first on CoinGape.
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