This Memecoin Could Climb Another 44% if This Happens

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In Brief

  • A large majority of FLOKI holders are profiting, hinting at solid support.
  • FLOKI price has surged by over 480% this year, but it’s still behind memecoins like PEPE and dogwifhat
  • Technical indicators suggest a potential rise to $0.00030.

FLOKI token holders are witnessing a wave of green, as recent data showcases a robust and climbing price trajectory. The alignment of market sentiment and on-chain data ignites a compelling narrative for FLOKI’s price journey.

Could this trajectory steer FLOKI towards the ambitious $0.0003 mark?

Profitable FLOKI Holders Are On The Rise

In just 1 day, the percentage of profitable FLOKI holders grew from 30% to 94%, reaching almost 70k profitable addresses on February 27. This percentage has remained stable since last week, indicating that holders are unwilling to liquidate their positions. When the percentage of profitable holders remains that high for that long, it strongly indicates that users are even more confident in the coin.

The last time the percentage of profitable FLOKI holders was that high was more than one year ago, on February 16, 2023.

This Memecoin Could Climb Another 44% if This Happens
FLOKI Historical Break Even Price. Source: IntoTheBlock.

The present conditions could hint at a bullish trend, pointing to rising market optimism. However, it’s equally important to note that many holders might be ready to sell their assets. If any of these investors decide to liquidate, this could precipitate a wave of selling.

Such an influx of selling activity can exert downward pressure on the price of FLOKI. This could lead to a shift in the market dynamics and possibly cause a price correction or decline.

FLOKI RSI Skyrocketed In The Last 2 Weeks

FLOKI RSI (Relative Strength Index) 1D reached a commanding 93 on March 7, soaring from a moderate 54 on February 9, a 72% growth in a month. An RSI that high is usually a bearish signal for investors. FLOKI last registered an RSI value above 93.1 just once in July 2021.

However, the historical context shows that FLOKI can maintain its upward price momentum even when the RSI indicates an overbought condition. In January 2023, the FLOKI price surged nearly fourfold, while the RSI consistently flirted with values above 80 and 90 per day.

This Memecoin Could Climb Another 44% if This Happens
FLOKI RSI 1D. Source: Santiment.

The RSI is a technical analysis tool that functions as a momentum oscillator, gauging the velocity and magnitude of directional price movements. An RSI reading surpassing 70 typically points to an asset being overbought. This could mean a retraction or consolidation in the near future. Conversely, an RSI below 30 often suggests that an asset is in an oversold state. This usually hints that the price might have fallen too far and could be set for a rebound.

Given these parameters, one might anticipate a slight, downward adjustment in the FLOKI RSI figures, normalizing these values. The expected adjustment should moderate the high RSI, indicating overbought conditions.

At the same time, it’s believed it won’t deeply impact ongoing bullish trends. Such a corrective move would be seen as a healthy and normal fluctuation within an overall positive market phase for FLOKI.

FLOKI Price Can Reach $0.0003 Soon

Currently, FLOKI’s price is firmly perched above the 14-period Moving Average, a technical indicator that strengthens the bullish perspective of its market trajectory. If FLOKI consistently maintains its position above the established support level at $0.0001644, it could rise to $0.0003. Also, among memecoins, Floki is still behind PEPE and wif in terms of year-to-date growth, which could imply a flow of money coming from these coins.

Therefore, such an upward movement would signify a considerable potential gain, with an approximate 44% increase from its current price.

This Memecoin Could Climb Another 44% if This Happens
FLOKI Price Chart With EMA CRoss and Moving Average. Source: DexTools.

Yet, it is essential to stay alert to the potential hazards of a market downturn; if the price were to fall below the critical support level of $0.0001644, the prevailing bullish sentiment might waver. This decline could alter FLOKI’s trajectory, potentially sending its value toward a lower target, perhaps down to $0.0001322.

Vigilance is key, as a breach of support could signal a shift in market dynamics. Consequently, investors should keep a watchful eye on these support levels. A downward trend could necessitate prompt strategic adjustments to mitigate potential losses.

This article is sourced from the internet: This Memecoin Could Climb Another 44% if This Happens

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