- Floki has surged with 4.66% after weeks of decline.
- Key on chain data and technical indicators showed a possible reversal of the current bearish trend.
Popular memecoin Floki Inu [FLOKI] has surged by 4.66% in 24 hours after weeks of decline. According to CoinMarketCap, FLOKI’s market cap has increased by 4.57% to $1.69b.
However, in the last seven days, it has declined by 25.92%, with a 10.03% volume decline to $288.44M.
Source: TradingView
AMBcrypto’s analysis indicated that after hitting the lower part of the rising trend line, FLOKI is set for a surge.
After falling 54% to $0.000160, the uptrend seems most likely with a new support level around $0.000221 and 0.000231 with 0.00234 as the critical support level zone.
FLOKI could reach the previous resistance level at $0.000268, a 48.9% surge if the current bounce back is maintained. The token would record a massive surge to a previous high of $0.000348 in a bullish scenario.
Source: TradingView
An RSI of 36 showed a weakening bearish trend, increasing from 33 to 24 hours. The rising RSI towards an RSI-based MA of 46 implied a potential reversal at press time.
Thus, the continued rise of RSI towards RSI-based MA could strengthen the momentum for reversal.
An RSI of 36 means it’s nearing oversold territory, which presented a buying opportunity, thus increasing network activity.
Source: Santiment
What does market sentiment indicate?
According to Santiment, FLOKI’s active address has been rising in the last seven days. During this period, active addresses have surged from 4.997M to 19.989M, a 300% surge.
The increase in activity is a positive sign, which indicates more interest and adoption. A rise in network activity and adoption may result in higher prices.
Source: Santiment
Equally, Santiment has reported reduced social volume for FLOKI in the last seven days. Social volume declined from 14.017 to 0.945.
Reduced public appetite for crypto is good, as the market opposes public expectations. A lower social volume means stability, and the market has reduced negativity, a prerequisite for pattern change.
Can Floki Inu’s surge maintain?
Various key metrics show that Floki is positioned to change the pattern, establish a new support level, and attempt to challenge a higher resistance level.
Is your portfolio green? Check out the FLOKI Profit Calculator
In the last seven days, Floki has experienced over 50% decline with a daily candlestick gain time of writing.
Despite these technical indicators and data showing a potential upswing, a bearish trend will continue if it closes below $0.00159. A bullish trend is likely if the daily candlestick closes above $0.000180.
