Could FLOKI Price Prediction Indicate a 100% Price Increase? Key Indicator Say Yes
The FLOKI price has seen a 0.5% gain in the past 24 hours, climbing to $0.0001716 on a day when the crypto market as a whole posts a similarly modest gain.
FLOKI has also barely moved in the past week, with the meme coin suffering a 27% loss in a fortnight and a 37% fall in a month.
However, the token is still up by 540% in the past year, with a key indicator – its market value to realized value (MVRV) ratio – suggesting that it may be in line for a big bounce.
This indicator confirms that the market has oversold the coin, putting it in a good position to rebound strongly soon.
FLOKI’s chart doesn’t look great today, which isn’t surprising in light of how the coin has dropped in the past hour.
Its indicators have accordingly taken a tumble, with its RSI (purple) falling to 40 and looking like it could drop lower.
Its 30-day average (orange) has also fallen, although it had seemed close to climbing over the 200-day (blue), which is usually sign of a recovery.
Based on this, we may see FLOKI recover in the next few days, continuing the gain it enjoyed on Monday and Tuesday.
And what’s also bullish is that a key indicator – the MVRV ratio mentioned above – has turned decidedly negative, falling to -37% today.
A negative MVRV means that the current price of an asset is lower than the average realized price of circulating tokens (the average price at which they were last purchased).
In other words, holders are sitting on a potential loss, whereas new buyers have the chance to buy FLOKI at a steep discount.
They may begin doing just this very soon, with the coin’s trading volume touching $300 million today, up from $180 million a couple of days ago.
$FLOKI
Update:
Played the range beautifully
Now we find price is back at the lows after
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