Floki: The memecoin could rally by 15% if THIS happens

• Traders are over-leveraged near $0.000158 on the lower side and $0.000186 on the upper side.
• Floki (FLOKI) could soar by 15% to reach the $0.00021 mark.

Floki [FLOKI]  is set to reverse its downward trend following the formation of a bullish price pattern. FLOKI, along with Cardano [ADA], Ripple[XRP], and Shiba Inu (SHIB), has shown a similar price recovery as of the 24th of December 24 2024.

Rising Open Interest

Amid the ongoing price recovery, interest from traders and long-term holders appears to be rising, as reported by the on-chain analytics firm Coinglass. Data revealed that FLOKI’s Open Interest (OI) has soared by 14% in the past 24 hours.

Currently, major liquidation levels are near $0.000158 on the lower side and $0.000186 on the upper side. Traders are over-leveraged at these points, according to Coinglass.

Source: Coinglass

If the current market sentiment remains unchanged and the price rises to $0.000186, nearly $165.35K worth of short positions will be liquidated.

Conversely, if the sentiment shifts and the price declines to $0.000158, approximately $364.17K worth of long positions will be liquidated.

Combining these on-chain metrics, it appears bulls are dominating the asset and could support the meme coin in the bull run. The rising interest and large long positions are likely driven by the current market sentiment and FLOKI’s price action.

Floki’s technical analysis and key level 

According to AMBCrypto’s technical analysis, FLOKI has formed a bullish morning star candlestick pattern at the crucial support level of $0.00016 and the 200 Exponential Moving Average (EMA) on the daily time frame.

Despite this bullish outlook, the meme coin is currently facing resistance at the $0.000175 mark.

Source: TradingView

Based on recent price action and historical momentum, if FLOKI breaks above the $0.000175 resistance level, it could soar by 15% to $0.00021.

FLOKI’s bullish thesis holds only if it closes a daily candle above $0.000175. Otherwise, it may fail.

Realistic or not, here’s FLOKI’s market cap in BTC’s terms

At press time, FLOKI was trading near $0.000175, experiencing an upside momentum of over 3.2% in the past 24 hours.

During the same period, its trading volume declined by 14%. This indicates lower participation from traders and investors compared to the previous day.