Will ‘Coinbase effect’ have a role to play in FLOKI’s price targets?

• FLOKI’s price appreciated by over 3.5% in the last 24 hours 
• Market indicators hinted at a sustained price hike on the charts 

FLOKI bulls continue to dominate the market as the memecoin’s weekly and daily price charts remained green, at press time. Things can get even better for the altcoin, however, especially since a major exchange has now announced FLOKI’s listing – An update that can propel further growth in the coming days. 

Coinbase lists FLOKI

CoinMarketCap’s data revealed that FLOKI has been enjoying a comfortable weekly rally as its value surged by more than 8.8% in the last 7 days. In fact, in the last 24 hours alone, the memecoin’s price spiked by 3.5%.

At the time of writing, the memecoin was trading at $0.0002264 with a market capitalization of over $2.16 billion. However, it was surprising to note that despite the bullish price action, FLOKI’s weighted sentiment dropped. Simply put, bearish sentiment retained its dominance in the altcoin’s market.

Additionally, its social volume declined over the last few days as well. 

Source: Santiment

However, this might change after Coinbase announced that it has listed FLOKI perpetual futures. The memecoin’s official X handle mentioned in a

Coinbase listings often have a bullish impact on the listed token’s price, which is commonly referred to as the “Coinbase effect.” If such an episode happens on this occasion, then FLOKI’s bull rally might get a further push and help spur the memecoin’s fainting momentum. 

FLOKI bulls to dominate more?

AMBCrypto then analyzed Santiment’s data to find out whether metrics supported the possibility of further growth. We found that FLOKI’s MVRV ratio remained relatively high, which can be inferred as a bullish signal.

However, the memecoin’s trading volume dropped last week after spiking on 22 May. On top of that, the crypto’s network growth also declined, meaning that fewer new addresses were created to transfer the token. 

Source: Santiment

Nonetheless, market indicators continued to remain bullish. For example, the Chaikin Money Flow (CMF) registered an uptick. The Relative Strength Index (RSI) also went north, indicating that the chances of FLOKI continuing its rally were high.

Source: TradingView

Is your portfolio green? Check out the FLOKI Profit Calculator 

If the bull rally continues, then the first target for FLOKI would be $0.00024 as liquidation would rise, which can result in a short-term price correction.

A successful breakout above this level would allow the memecoin to hit $0.00026–$0.00027. However, if the trend changes and the memecoin goes down, then FLOKI might drop to its support level near $0.000226.

Source: Hyblock Capital