- FLOKI broke its immediate resistance levels.
- 30-day MVRV showed profits for holders.
Floki Inu [FLOKI], like other meme coins, has been aligning with the prevailing trend in the market over the past few days.
Its price has been on a consistent upward trajectory, breaking through its short-term resistance levels.
There has also been a noticeable decrease in the volume of FLOKI sent to exchanges, indicating heightened activity and potential interest from investors.
Floki Inu’s price stays positive
Analysis of the Floki Inu daily timeframe chart revealed a consistent uptrend over the past three days. On the 13th of May, the coin surged by over 8%, propelling its price to around $0.00018.
The following day, it maintained this price level with a further 3% increase. As of this writing, FLOKI was trading with an impressive 12% increase, reaching approximately $0.00021.
This upward momentum has allowed the coin to surpass its initial resistance levels at $0.00019 and $0.00020.
Source: TradingView
The Relative Strength Index (RSI) indicated a strong bull trend, nearing 65 and approaching the overbought zone. Additionally, the stochastic indicator suggests that there may still be potential for further price gains.
Overall, these analyses point towards a positive outlook for FLOKI in the near term.
Activities pick up in Floki’s volume
AMBCrypto’s look at Floki Inu’s volume chart revealed a recent surge in trading activity.
Over the past month, the volume had been in decline, with the highest recorded volume reaching approximately 506 million.
However, on the 13th of May, the volume experienced a notable uptick, surpassing $360 million by the end of the trading session.
By the 14th of May, the volume soared to over $800 million, marking the first time since March that Floki Inu’s volume had reached such levels.
Source: Santiment
As of this writing, the volume was over $800 million, marking the second consecutive day that it has surpassed the $500 million mark.
This upward trend in volume indicated a significant increase in trading activity, reflecting positive on-chain dynamics for FLOKI.
Floki Inu holders increase accumulation
AMBCrypto’s examination of the Floki Inu exchange flow indicated a significant trend of assets leaving exchanges rather than deposited into them.
According to data from Santiment, the inflow, representing the volume of FLOKI tokens deposited on exchanges, was approximately 310,000 at the time of this writing.
In contrast, the outflow, which signifies the volume of tokens withdrawn from exchanges, amounted to nearly 13.50 million tokens. This substantial outflow suggests a heavy accumulation of Floki Inu tokens at present.
Such a trend is typically viewed as bullish by traders, as it signals a strong belief in potential future price appreciation.
Overall, the data suggested a positive sentiment among traders regarding the prospects of Floki Inu.
Floki Inu holders holding at a profit
The current market conditions are favorable for Floki Inu holders, particularly for those who acquired their tokens within the last 30 days.
Analysis of the 30-day Market Value to Realized Value ratio (MVRV) indicated a positive trend, with the ratio surpassing zero.
As of the time of this writing, the MVRV was over 22%, signifying a potential profit of more than 22% for holders who acquired their tokens within the last month.
Source: Santiment
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This bullish signal suggests strong market sentiment and favorable conditions for holders.
The MVRV has not reached this level since around the 29th of March, indicating an uptrend in profitability for recent FLOKI investors.
