- FLOKI was up by more than 38% in the last seven days.
- Despite the price uptick, bearish sentiment increased.
As the crypto market turned bullish in the last few hours, multiple cryptos painted their charts green, and Floki Inu [FLOKI] was no exception.
The recent rise in price caused several to speculate about FLOKI reaching an all-time high. Therefore, AMBCrypto delved deeper in order to find out whether that’s possible.
FLOKI begins a bull rally
According to CoinMarketCap, the meme coin’s price was up by over 38% in the last seven days. In the last 24 hours alone, FLOKI’s value surged by 5%.
At the time of writing, the meme coin was trading at $0.0002453 with a market capitalization of over $2.34 billion.
If the latest analysis is to be believed, then things might get even better for FLOKI as its price might soon exceed its existing all-time high.
The CryptoBull, a popular crypto analyst, recently posted a tweet highlighting this possibility. FLOKI’s ATH was at $0.00035, which it touched during the beginning of 2022.
Considering the current growth trajectory, the possibility of the meme coin going above that mark seemed high. To better understand what to expect from FLOKI, AMBCrypto then took a look at its on-chain metrics.
Indicators are giving mixed signals
Our assessment of Santiment’s data revealed that the meme coin’s Social Volume spiked considerably in the last few days, thanks to the bullish price action.
However, bearish sentiment around the meme coin was dominant, as evident from the dip in its Weighted Sentiment.
Source: Santiment
Like Weighted Sentiment, FLOKI’s Open Interest graph also dropped in the last few days. A decline in the metric usually indicates that there are chances of a trend reversal, which can be bearish for FLOKI.
Nonetheless, the meme coin’s demand in the derivatives market remained high, as its Funding Rate increased.
Source: Santiment
AMBCrypto then checked FLOKI’s daily chart to see what technical indicators had to say. Our analysis pointed out that the MACD displayed the possibility of a bullish crossover.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
Its Money Flow Index (MFI) also registered an uptick from the neutral mark, hinting at a continued price uptick.
However, the Bollinger Bands flagged a red signal. As per the indicator, the meme coin’s price was entering a less volatile zone. This can restrict its northbound price movement in the near term.
Source: TradingView
