Amidst the current bearish sentiment in the cryptocurrency market, Floki (FLOKI), the fifth-largest memecoin, has shown remarkable performance. On August 28th, FLOKI saw a noteworthy 2.6% price increase, defying the market’s overall 5.7% decline.
Bullish Momentum for FLOKI
Investor optimism has been heightened by the recent price surge, as FLOKI has successfully retested a bullish double-bottom pattern. The memecoin may see a notable 20% increase as a result of this technical move, possibly hitting the $0.00019 level in the next few days.
Source: TradingView
The fact that FLOKI is trading above the 200 Exponential Moving Average (EMA) on a daily chart, confirming the coin’s confirmed uptrend, adds to the optimistic outlook. Both traders and investors are taking notice of the strong breakout.
FLOKI’s Open Interest has increased by 18% over the last 24 hours and by 8% over the last four, according to on-chain analytics company Coinglass. Bullish positions have been building over the last week, putting approximately $1.08 million in short positions at risk of liquidation in the wake of the recent price spike.
FLOKI’s Key Liquidation Levels
The exchange liquidation map provided by Coinglass indicates FLOKI critical levels. The main thresholds for liquidation, where traders have over-leveraged their positions, are around $0.000139 on the downside and $0.000165 on the upside. About $1.08 million in short positions could be liquidated if FLOKI maintains its upward trajectory and hits $0.000165. On the other hand, a decline to $0.000139 might cause almost 134 million long positions to be liquidated.
Source: Coinglass
Whales and Investors in Control
Whales currently own 73.47% of the FLOKI supply, investors hold 13.14%, and retail traders hold 13.40%, according to an IntoTheBlock analysis. This distribution implies that major holders have a big say in how much the price of FLOKI moves.
Source: IntoTheBlock
Current Price Analysis
As of the time of writing, FLOKI is trading at about $0.000158, which represents a 2.5% rise in price over the previous day. During this time, trading volume has increased by 71%, suggesting increased trader activity in the wake of the successful retest.
Other popular meme coins, such as Dogwifhat (WIF), Pepe (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE), have, however, found it difficult to acquire traction. These coins have experienced price decreases of 3.3%, 2.5%, 4.5%, and 6%, according to CoinMarketCap.