Floki Price Skyrockets Over 50% in A Week, Here’s Why

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FLOKI Price; Buy, Sell or Hodl?

In the past week, the dog-themed memecoin known as Floki (FLOKI) has experienced a surge and jumped by 50% from the weekly low of $0.000139 to $0.00021 before facing some resistance. The recent FLOKI spot listing, significant marketing changes, and the WazirX hack have contributed to this optimism.

Bullish Divergence and Market Analysis

Crypto analyst Javon Marks pointed out the formation of the Hidden Bullish Divergence for FLOKI, which implies a large price increase. Based on the Marks’ analysis, this divergence suggests a possible increase of about 81%, to take the price to $0.00034888.

The divergence is defined as higher highs in the chart and lower highs for the indicator which indicates that the upward trend may continue. Marks also pointed out that a breach of the critical resistance level at $0.0002761498 could open up higher ground with the price possibly rising to $0.00054673, which would be an increase of another 54% from the first target.

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Also, previously, Dogecoin (DOGE) breakouts triggered memecoins’ seasons, which is favorable for FLOKI and Shiba Inu (SHIB). FLOKI’s price has generally mimicked DOGE but has often outdone it during bull runs.

Floki’s Market Position and Trading Activity

Floki has become the most valuable play-to-earn (P2E) cryptocurrency in terms of market capitalization, overtaking other top players such as Axie Infinity, The Sandbox, Decentraland, and Gala. This was seen during a recent Binance Live AMA session where Floki released a sneak peek into its Valhalla game. The event had the attendance of 33,000 people and was considered successful which in a way boosted the position of the token in the market.

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Similarly, the trading volume and open interest have also played a role in the upward momentum of FLOKI. The derivatives trading volume rose by 54.36% to $173.24 million, indicating that there is more interest and potential for volatility in the market. The open interest increased by 21.46% to $26.74 million as more traders initiated their positions in the market which indicates a bullish market.

The latest hack of the Indian crypto exchange WazirX, which led to a loss of more than $230 million, including $4.7 million in FLOKI tokens, was concerning at first. However, the market absorbed the sell-off, demonstrating FLOKI’s liquidity and resilience. The hacker has liquidated all the FLOKI tokens acquired and therefore cannot affect the token price any further.

Floki’s team is collaborating with WazirX to address the incident’s effects on FLOKI holders and ensure minimal impact. The swift response and continued support have helped stabilize the token’s market position.

New Exchange Listings and Marketing Initiatives

New exchange listings have greatly expanded the market presence of FLOKI. With the integration of FLOKI as a spot listing in Kraken, the users can buy the token with EUR and USD which enhances the flexibility of the token.

This comes as a boost for FLOKI since Kraken is one of the most reputable US-based exchanges with more than 10 million users in the market.

Floki’s marketing strategies, which include sponsoring the Women’s Asia Cup Cricket 2024, are geared towards promoting its Play-to-Earn MMORPG game, Valhalla. This partnership will likely attract a large audience, thereby increasing the visibility and adoption of FLOKI in the market.

Floki Price Trend 

In the last 24 hours, despite a bull-bear tussle for power, FLOKI price has managed to recover, with the price surging after establishing support at the intra-day low of $0.000184. At press time, FLOKI was trading at $0.0002044, an 8% surge from the day’s low. 

During the rally, FLOKI’s market capitalization and 24-hour trading volume surged by 8% and 25.87%, respectively, to $2 billion and $350,303,640. This surge suggests that there is increasing investor confidence, with the traders anticipating more gains. 

Read Also: Cardano DeFi TVL Jumps 20% As Hydra Prospects Enters Spotlight

The post Floki Price Skyrockets Over 50% in A Week, Here’s Why appeared first on CoinGape.

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