- A fall of 34.88% in Floki price has been observed during the weekly trading session.
- Oscillators are showing a neutral perspective in the current trading phase.
- The 24-hour trading volume has decreased by 20.70% in the last 24 hours.
Inspired by the Elon Musk Shiba Inu, Floki (FLOKI) is a people’s cryptocurrency and a utility token in the Floki ecosystem. The team behind Floki has the vision to combine the memes with utilities within an autonomous decentralized ecosystem. The primary goal of this ecosystem is to build utility tokens and DApps on FlokiFi, Valhalla Metaverse, Merchandise Marketplace, and the University of Floki.
Floki Standing Tall Over 660% Six Month Returns
Early this year, the Floki crypto experienced some profit bookings from the $0.000037 level. This happened because of the previous upsurges that took place in October 2023. Consequently, January 2024 became the month of bullish correction for the Floki cryptocurrency.
Surprisingly, a positive shift in market sentiments took place in February 2024. Floki managed to attract many cruisers and traders during that month. That also resulted in upsurges in March 2024. The price reflected an over 1000% bullish rally in two consecutive months. At present, the coin is in a correction period.
Floki has a maximum supply of 10 trillion tokens, of which 9.56 trillion FLOKIs are circulating in the market. The total diluted valuation of the project is estimated at around $1.33 billion. The current market capitalization is $1.31 billion, close to the estimated valuation.
Price to Volume and Social Dominance Analysis
After February 2024, the Floki crypto social buzz has reached 0.66% in the entire crypto world. This made a positive impact on price as well as the trading volume, which can be seen in the chart. Since then, the dominance has been declining with trading volume, but the price remained unaffected. At present, social dominance covers 0.112%.
Technical Analysis of the Floki Price
The crypto price slipped below the key exponential moving averages, showing uncertainty in the current trend. The 200-day EMA can become a major dynamic support for the price at the current phase.
FLOKI price faced resistance from the $0.000315 level and fell on the $0.000162 bullish point of interest (POI). The buyers tried their best to increase the price above that POI but failed. This resulted in the breakdown of $0.000162 POI, the current price making retracement on the $0.000108 key demand level.
If the price slips below $0.000108, the price may fall to the $0.000089 level. On the flip side, the price must close above $0.000221 to reach the $0.000297 resistance.
The relative strength index (RSI) is showing opposing momentum in the current sessions, reflecting bearish dominance over the price. The RSI is moving at 35.65 below the signal line.
Summary
The Floki price gained massive attention from investors after February 2024. The utility token recorded over 660% positive returns in the six-month timeframe. FLOKI price is currently making a retracement on the $0.000108 key demand level. If the price slips below $0.000108, the price may fall to the $0.000089 level. On the flip side, the price must close above $0.000221 to reach the $0.000297 resistance.
Technical levels
- Resistance Levels: $0.000221 and $0.000315
- Support Levels: $0.000089 and $0.000047
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.