- With fresh exchange listings and positive divergence, the price of FLOKI rises by 10% and open interest rises by 30%, with a target of $0.00034888.
- This week, Floki’s price increased by 50%, from $0.000139 to $0.00021.
- FLOKI’s open interest increased by 30%, and trading volume increased by 54.36%.
Increased liquidity thanks to the new Kraken listing, which also includes USD and EUR.The canine-themed memecoin Floki (FLOKI) has surged during the last week, rising 50% from the weekly low of $0.000139 to $0.00021 before encountering some resistance. This optimism has been bolstered by the WazirX hack, major marketing adjustments, and the subsequent FLOKI spot listing.
Positive Divergence and Analysis of the Market
Crypto researcher Javon Marks noted that FLOKI has formed a Hidden Bullish Divergence, a sign of a significant price gain. According to Marks’ analysis, this divergence points to a potential 81% increase in price, or $0.00034888.
Higher highs on the chart and lower highs for the indicator, which suggests that the upward trend might continue, are referred to as divergence. In addition, Marks said that a break of the crucial resistance level at $0.0002761498 might lead to higher ground, with a potential increase in price to $0.00054673, or 54% more than the initial aim.
Furthermore, in the past, memecoin seasons were initiated by Dogecoin (DOGE) breakouts, which is advantageous for FLOKI and Shiba Inu (SHIB). In general, FLOKI’s price has followed DOGE’s, although during bull runs, it frequently outperformed it.
Floki’s Trading Activity and Market Position
By surpassing other leading players like Axie Infinity, The Sandbox, Decentraland, and Gala in terms of market value, Floki has emerged as the most valuable play-to-earn (P2E) cryptocurrency. This was demonstrated when Floki gave a preview of its Valhalla game during a recent Binance Live AMA event. The event attracted 33,000 attendees and was deemed successful, which helped the token’s standing in the market.
Likewise, the upward trend of FLOKI has been influenced by both trading volume and open interest. The volume of futures traded increased by 54.36% to $173.24 million, suggesting increased market interest and possible volatility. More traders started to enter the market, resulting in a 21.46% increase in open interest to $26.74 million, indicating a bullish market.
At first, there was cause for alarm following the most recent theft of the Indian cryptocurrency exchange WazirX, which resulted in a loss of over $230 million, including $4.7 million in FLOKI tokens. Nevertheless, the sell-off was absorbed by the market, indicating FLOKI’s resiliency and liquidity. Since the hacker has liquidated every FLOKI token they have obtained, they are unable to influence the token price going forward.
WazirX and Floki’s team are working together to mitigate the incident’s repercussions on FLOKI holders. The prompt action and ongoing assistance have contributed to the token’s market position stabilization.
Fresh Exchange Listings and Promotional Campaigns
FLOKI’s market presence has significantly increased thanks to new exchange listings. The versatility of the token is increased by the users’ ability to purchase it with EUR and USD thanks to FLOKI’s integration as a spot listing on Kraken.
Kraken, one of the most respected US-based exchanges with over 10 million members, is a positive development for FLOKI.
Floki’s marketing tactics, such as its sponsorship of the Women’s Asia Cup Cricket 2024, are intended to draw attention to Valhalla, a play-to-earn massively multiplayer online role-playing game. This collaboration will probably draw a sizable audience, which will raise FLOKI’s profile and encourage more people to use it.
The Floki Price Trend
Despite a bull-bear battle for dominance over the past day, FLOKI price has recovered, rising after finding support at the intraday low of $0.000184. FLOKI was up 8% from the day’s low to $0.0002044 at the time of publication.
FLOKI’s market capitalization increased by 8% and its 24-hour trading volume by 25.87%, to $2 billion and $350,303,640, respectively, during the rally. This spike indicates that traders are expecting further increases, which may indicate a rise in investor confidence.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
