Will Floki Price Overtake Shiba Inu? Price Prediction After 12% Rally
Over the last 24 hours, Floki has surged by a significant 12% amid broader market growth, where meme coins averaged a 0.75% increase.
Despite this overnight movement, Floki’s price has only marginally risen by 1.5% since last Friday. This modest increase contrasts with the losses observed in major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which have seen retracements.
This performance underscores Floki’s resilience, particularly compared to its steep 40.81% decline over the past month. Nevertheless, it still boasts an impressive annual gain of 596.28%.
The trading volume for the meme coin has notably surged by 15.35% to $192.38M over the past 24 hours, indicating elevated trader activity.
Despite the correction from its surge earlier this morning, it appears that FLOKI is gearing up for further upside.
Most notably, the FLOKI price is currently approaching a key support level (orange) at $0.00016823. If it can successfully bounce from this support, it would signal the potential for further gains as it shows strength.
This comes as its relative strength index (RSI) (purple) sits at 40, after falling from 70 over the past 8 hours. This shift is indicative of a correction, as selling pressure increases.
At such RSI levels there is neither strong buying nor selling pressure. FLOKI is in a neutral state, airing slightly towards bearishness.
However, this resilience places it in a good position for further upside. In fact, wider trends may indicate this to be the case.
Most significantly, the 30-day moving average (yellow) has just broken above the 200-day moving average (blue) in an uptrend. This suggests that the short-term momentum is gaining strength relative to the long-term trend.
But is this enough to
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