FLOKI Price Soars 21% in 24 Hours: Is a Major Breakout Ahead?
Today, the FLOKI price has seen a substantial 21% surge amid market growth, with meme coins up an average of 4.82%. However, after undergoing a correction, it seems that FLOLKI is poised for further gains.
FLOKI has retraced slightly since its surge in the early hours of the morning, now sitting at a 13.08% gain over the past 24 hours.
This gain has further contributed to the 22.11% rise the FLOKI price has seen since last Monday, surpassing that observed from most other notable altcoins .
However, it has yet to fully recover from the 11.51% loss it has experienced over the past month.
Indeed, with this significant surge, trader interest in FLOKI is at a high. The coin’s trading volume has increased by 181.99% to $488.19 million over the past day.
A closer look at the charts suggests that FLOKI’s correction is coming to a halt.
Most significantly, FLOKI’s relative strength index has fallen from 90 to 50 over the past 8 hours. This shift represents a transition from an overbought state to a more neutral one.
Such a sharp decline is typical of a correction, as FLOKI cools down in preparation for its next move.
Most significantly, after flirting with the $0.00017717 (orange) support level at the high point of the hour, Floki demonstrated resilience in holding above it.
This may serve as an indicator that the correction is coming to a halt, presenting the potential for further upside.
While these indicators set a good precedent for near-term price action, wider trends will provide the best insight into where the price is headed.
Most significantly, the 30DMA is on a steep incline, sitting comfortably above the 200DMA, which has adopted its uptrend.
This demonstrates that the short-term momentum is strong enough
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