The cryptocurrency FLOKI has recently seen a sharp rise, breaking a long-term downtrend and forming new support, indicating potential for further growth.
Current Market Situation of FLOKI
On July 17, FLOKI surged 40% to a six-month high of $0.000138. At the time of publishing, the price was $0.000129, up 175% from the year-to-date low recorded in April. The breakout of a long-term descending trendline and the successful retest are seen as signs of a shift in market sentiment toward the bulls.
Technical Analysis and Signals
On the daily chart, FLOKI formed a 'golden cross' when the 20-day simple moving average crossed above the 50-day, often interpreted as a strong bullish signal. Momentum indicators also show positive sentiment: the MACD is above the signal line and trending upward, indicating increasing strength. The RSI is at 74, placing FLOKI in overbought territory, but levels in meme rallies often reflect strong buying pressure.
Factors Contributing to FLOKI's Rise
Several factors are fueling FLOKI's rally: open interest in the futures market reached an all-time high of $76.7 million, up 88% in just one day. Additionally, positive funding rates have remained for over a week, suggesting traders' confidence. On-chain activity has also risen; daily active addresses have doubled today, indicating growing network engagement. Speculation about a potential listing of FLOKI on Robinhood has also stirred investor interest.
Given the recent developments and trend changes, FLOKI presents potential opportunities for further growth. Investors remain vigilant for upcoming market movements.
