The post Floki Price Skyrockets Over 50% in A Week, Here’s Why appeared on BitcoinEthereumNews.com.

In the past week, the dog-themed memecoin known as Floki (FLOKI) has experienced a surge and jumped by 50% from the weekly low of $0.000139 to $0.00021 before facing some resistance. The recent FLOKI spot listing, significant marketing changes, and the WazirX hack have contributed to this optimism. Bullish Divergence and Market Analysis Crypto analyst Javon Marks pointed out the formation of the Hidden Bullish Divergence for FLOKI, which implies a large price increase. Based on the Marks’ analysis, this divergence suggests a possible increase of about 81%, to take the price to $0.00034888. The divergence is defined as higher highs in the chart and lower highs for the indicator which indicates that the upward trend may continue. Marks also pointed out that a breach of the critical resistance level at $0.0002761498 could open up higher ground with the price possibly rising to $0.00054673, which would be an increase of another 54% from the first target. Also, previously, Dogecoin (DOGE) breakouts triggered memecoins’ seasons, which is favorable for FLOKI and Shiba Inu (SHIB). FLOKI’s price has generally mimicked DOGE but has often outdone it during bull runs. Floki’s Market Position and Trading Activity Floki has become the most valuable play-to-earn (P2E) cryptocurrency in terms of market capitalization, overtaking other top players such as Axie Infinity, The Sandbox, Decentraland, and Gala. This was seen during a recent Binance Live AMA session where Floki released a sneak peek into its Valhalla game. The event had the attendance of 33,000 people and was considered successful which in a way boosted the position of the token in the market. Similarly, the trading volume and open interest have also played a role in the upward momentum of FLOKI. The derivatives trading volume rose by 54.36% to $173.24 million, indicating that there is more interest and…

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Filed under: News - @ July 21, 2024 5:10 pm