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New record for the Floki crypto: Crypto Analysis of June 6, 2024
The meme coin, Floki Inu, continues its rise reaching a new all-time high. Let’s examine the future prospects of FLOKI price.
Floki Inu (FLOKI) price situation.
After hitting a low of $0.000005 in June 2022, Floki attracted interest from buyers, appreciating by more than 7,000%. Floki, in fact, benefited from two waves of increases that brought it back to its all-time high (ATH) two years later. Upon closer inspection of the chart, it is observed that the cryptocurrency recently underwent a short-term bearish movement which eventually offset before breaking out of its all-time high at $0.00034. Unfortunately, for now, reaching this threshold has not visibly supported buying interest.
In fact, at the time of writing, the Floki price it trades around $0.00031. Floki’s medium to long-term trend remains bullish, as evidenced by Dow Theory and the 50-day and 200-day moving averages. From the side of the oscillators, it can be seen that they, like the price itself, illustrate a resumption of the bullish momentum of the cryptocurrency. However, it should be noted that this momentum is not as strong as the one observed recently during Floki’s latest bullish move.
The current technical analysis was conducted in collaboration with Elie FT, an enthusiastic investor and trader in the cryptocurrency market. Now he is a coach at Family businessa community of thousands of proprietary traders active since 2017. You will find lives, educational content and support on the financial markets in a professional and friendly atmosphere.
Focus on Floki Inu Derivatives (FLOKI/USDT)
The FLOKI/USDT contracts moved in the same direction as the cryptocurrency, but more significantly. This demonstrates a stronger speculative interest in cryptocurrency, generally oriented towards purchasing. This hypothesis could be confirmed by spikes in positive financing rates. These highlight a price differential between FLOKI/USDT contracts and their underlying asset, due to significant bullish pressure on these contracts. On the liquidation side, it can be seen that buy positions have recently been more significant than seller positions. This could indicate an excess of optimism on the part of speculators.
The three-month liquidation heat map for FLOKI/USDT shows that the cryptocurrency has recently crossed two significant liquidation zones. The first and most important one was located around $0.00027. Buying interest continued to reach this area. As for the second, more recent one, it was close to $0.00032. It appears that FLOKI’s contact with this area has sparked selling interest after a slight bearish reaction. Currently, the closest liquidation zone above the current price is identified at $0.00035. Below the current price you can see the $0.0002 zone. The price approaching these levels could trigger a massive activation of orders, thus increasing the risk of a period of high volatility for Solana. These areas therefore represent a crucial point of interest for investors.
Floki Inu (FLOKI) price hypothesis.
- If Floki price remains above $0.00015, a sharp break of $0.00034 can be expected. The next resistance to consider, if the upward movement continues, could be the first level of the Fibonacci extensions at $0.0004. Just above you can also see $0.00045. At this point, that would represent an increase of more than 44%.
- If Floki price fails to stay above $0.00015, a return to $0.0001 levels could be expected. The next support to consider, if the downside move continues, would be $0.00009. At this point, that would represent a decline of less than 70%.
Conclusion
After falling to a very low level, the Floki cryptocurrency has recovered significantly, recording a substantial increase in its value. However, despite having surpassed the previous peak, buyer enthusiasm does not appear to have lasted. However, it is too early to conclude that the coin has permanently lost its support, as the technical indicators and Floki structure suggest a positive future. Therefore, it will be crucial to closely observe the price reaction at different key levels to confirm or disprove current assumptions. It is also important to remain vigilant against potential “false exits” and market “squeezes” in every scenario. Finally, remember that these analyzes are based solely on technical criteria and that cryptocurrency prices can evolve rapidly due to more fundamental factors.
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Family business
Family Trading is a community of traders active since 2017 that offers Lives, educational content and contacts with the financial markets, not celuting cryptocurrencies with their friends Elie FT, passionate investor and trader on the cryptocurrency market.
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