FLOKI, a cryptocurrency, has attracted analysts' attention with its cup-and-handle formation in the market, indicating a potential breakout.
FLOKI Holds Near Key Support
On Tuesday, FLOKI traded at $0.0001, showing a slight daily dip and a weekly loss of 5%. The volume traded was $95.48 million. Despite this pullback, the daily chart demonstrates a cup-and-handle pattern, commonly associated with the continuation of the uptrend.
The neckline at $0.00011-$0.000115 has been revisited multiple times. The asset is currently positioned above this range, indicating that buyers are still active. According to analyst Butterfly, volume during the retest has remained robust, signaling satisfactory accumulation.
Indicators Point to Consolidation
Bollinger Bands are narrowing, with the upper band at 0.000123 and the lower one at 0.000097. FLOKI trades close to $0.000103, just under the mid-band at $0.00011. This constricted range indicates low volatility, often seen prior to a more significant move.
Notably, the Chaikin Money Flow (CMF 20) is at -0.06, reflecting weak outflows. The reading has hovered near the neutral line, indicating the presence of buying, but inflows are not yet dominant.
Additionally, analyst Smith noted that FLOKI’s coil structure is nearly complete, with demand being held by stronger hands.
Exchange Flows and Robinhood Listing
On August 19, FLOKI netflows showed -$117,260, meaning that more tokens were withdrawn from exchanges than deposited. This may suggest lower immediate selling pressure, as shareholders move assets off exchanges.
At the same time, FLOKI secured a new listing on Robinhood, providing access to more than 25 million users. This expands reach for retail investors and places the meme coin alongside other widely traded cryptocurrencies.
Current trends in the FLOKI cryptocurrency market suggest that the asset may be on the brink of a significant breakout driven by strong accumulation and the support of a new listing on Robinhood.
