Despite recent volatility, the market has failed to dampen the Floki Inu (FLOKI) price movement.
Altcoins have been operating in a volatile region recently because of macroeconomic uncertainties and sentiment swings.
Nevertheless, FLOKI has kept key support levels and thus shows growing market strength and confidence among investors.
The ability to endure such turbulence has positioned FLOKI to become one of the standout meme coins as it teases a bullish divergence.
This is an often-used critical technical indicator, and when posted, it signals a potential reversal or continuation of an upward trend.
With the price action of FLOKI grabbing the trade and analysts’ attention, many are looking the other way for more gains in the near term.
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Source: X
Floki Inu Price Jumps 6% In a Day
FLOKI price has gained a rather massive 6% within the last 24 hours, moving to $0.0001631. This is all the more impressive, considering that the broader market struggled during this time.
The market capitalization of FLOKI recorded a 9.97% volume-to-market cap ratio as its 24-hour trading volume rose to $160.79 million.
Meantime, its market capitalization increased to $1.56 billion or 1.91%. This gives FLOKI a sharp price movement and puts it in the bull run outlier status in the altcoin space.
Many coins struggle to maintain momentum, but FLOKI is gaining traction. FLOKI is becoming a focal point for speculation as traders try to suss out the strengths of their crypto investments and which have the most remarkable ability to hold gains in a challenging market.
Technical Analysis: Signs of Bullish Momentum
Looking more closely at FLOKI’s technical chart, one can see that it shows a truly interesting picture.
Over several days, FLOKI price has been in a tight consolidation between $0.000156 and $0.00016357.
So often, this consolidation phase comes before a big breakout, and it seems FLOKI has just done it.
At $0.00016357, the token looks healthy to bounce off of its recent lows, indicating some bullish strength.
For evidence of buying and selling pressure, we turn to the Money Flow Index (MFI), and the indicator is currently tracking at 63.29.
However, this indicates buying interest is rising, as the indicator is still beneath the overbought zone of 80.
It also creates the potential for upside without troughing a correction. If FLOKI can continue its newfound bullish way, the next significant level to watch is $0.00020000, which may seal the deal with FLOKI becoming bullish.
4-hour FLOKI/USDT Chart | Source: TradingView
FLOKI price continues to make the headlines with its increasing social media visibility and interest from retail investors.
Price movements of dog-themed crypto, such as FLOKI, are likely very much influenced by market sentiment.
Meme coins could also witness renewed interest with the impending launch of a crypto space much talked about the project, the Department of Government Efficiency (DOGE).
Historically, such events have resulted in an increase in trading activity and price gains across the sector.
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