- An analysis suggested that FLOKI might reach its all-time high.
- Market indicators looked bearish on the meme coin.
Floki Inu’s [FLOKI] price action recently turned bearish after a whopping increase of 600% in its value over the last 30 days.
However, investors should remain patient, as an analysis suggested that the meme coin might again gain bullish momentum, which might allow it to reach an all-time high.
FLOKI’s growth momentum is slowing down
FLOKI investors were having a good time last month as the token’s value went up substantially. Thanks to the uptick, the meme coin also managed to touch the $0.0003 mark.
But the trend changed in the last 24 hours as the meme coin’s daily chart turned red.
According to CoinMarketCap, FLOKI was down by 1.75% in the last 24 hours. At the time of writing, the meme coin was trading at $0.0002315 with a market capitalization of over $2.2 billion.
But investors must not get disheartened, as there seemed to be chances of another bull rally.
The CryptoBull, a popular crypto analyst, recently posted a tweet highlighting the possibility of FLOKI gaining bullish momentum with $0.0003 as its immediate target.
As per the tweet, if FLOKI manages to cross that level, then it might reach an all-time high by touching $0.012. To check whether that’s a viable possibility, AMBCrypto checked the meme coin’s on-chain metrics.
What to expect from FLOKI
Our analysis of Santiment’s data revealed that the meme coin’s social volume increased last week, suggesting a rise in its popularity.
However, despite bullish performance over the last few weeks, bearish sentiment around the token increased, which was evident from the drop in its Weighted Sentiment on the 23rd of March.
Source: Santiment
Like Weighted Sentiment, a few other metrics also looked bearish. For example, the meme coin’s Funding Rate dropped, which clearly suggested that FLOKI demand in the derivatives market was low.
However, its MVRV ratio was up, hinting that there were chances of a price uptick in the coming days.
Its Network Growth also spiked in the last few days, which meant that more addresses were sued to transfer the meme coin.
Source: Santiment
AMBCrypto then checked FLOKI’s daily chart to see what indicators had to say about a bull rally. Notably, FLOKI’s Money Flow Index (MFI) registered a downtick and was headed towards the neutral mark.
How much are 1,10,100 FLOKIs worth today?
Its MACD also displayed a clear bearish advantage in the market. The technical indicators looked bearish and hinted at a price drop.
Nonetheless, AMBCrypto reported earlier about FLOKI releasing its roadmap. That might help stir up bullish sentiment around the meme coin, which might result in aiding the meme coin in starting a bull rally.
Source: TradingView
