Floki Price Errupted from Correction Phase; All-time High Soon?

• Floki crypto’s price sustained over the key moving average.
• The Floki price has gained about 500% YTD, which shows the buyers’ strength.

The Floki price has witnessed intense buying pressure and has surged by approximately 500% this year. It reached the $0.000250 mark in mid-March, consolidated for a week, and dropped to the 20-day EMA. The buyers attempted again to surpass the last swing high, but sellers were strong enough.

The Floki price reached an all-time high of $0.000306 on April 12, 2024, and underwent a correction phase. Currently, the Floki price has triggered a breakout from the trendline and retested the 20-day EAM.

At press time, the Floki crypto price traded at $0.000197 with an intraday gain of 2.39%. The market capitalization is $1.85 Billion, and the 24-hour trading volume is $191.16 Million. The circulating supply is 9.56T FLOKI, and the total supply is 9.71T FLOKI.

Trading Volume Dropped by 80%; What’s Next?

As per the given data, the trading volume has dropped by 80% in the past 3 days, which has dragged down the price by 12%. From 13 to 16 May, the trading volume surged by 1000%, which led to a breakout from the trendline. However, the volume failed to sustain and dumped by 80% in a few days.

Is the Floki Crypto About to Skyrocket?

VanEck which is a leading American investment management firm and #BitcoinETF provider with approximately $100B of assets has added $FLOKI to it's #memecoin index!

This is #Bullish news for #FLOKI as it leads to larger exposure to financial institutions solidifying it as a true… pic.twitter.com/37AB9x4GlR

— Rise To The Moon (@RiseCryptoRise) May 9, 2024

According to a source on ‘X’ formerly called Twitter, VanEck, a leading American investment management firm, has invested around $100B in Floki. Due to a rise in buying volume, Floki’s price may perform positively ahead.

Floki Price Prediction: Will the Price Set a New All-time High?

Since the mid of March, the Floki price has declined due to resistance from the trendline. The asset price has recently triggered a breakout from the trendline and has come for a retest. 

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If the digital asset price takes support on the 20-day exponential moving average, the price may reach the last swing high. Suppose the price gives a breakout after consolidation at the recent top; bullish momentum for the long term can be experienced.

Instead, if the FLOKI price slips below the 20-day EMA, the price may melt to the 200-day EMA. Suppose the asset price fails to defend the 200-day EMA, selling pressure for the long term can be observed.

Conclusion

The Floki price is trading near the top, which has experienced bearish momentum after recording a new high. It has shown slow and steady growth for the past few days and is heading for a new all-time high. The digital asset price is trading over the key moving average, which showcases the bullish momentum. In the past 3 days, the trading volume has decreased by 80%, and the price has also decreased.

Technical Levels

The Floki price may face resistance from $0.000215 and $0.000300 in the upcoming session. The price might take support on the $0.000130 and $0.0000400.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.