The post FLOKI price prediction – Is a breakout next after consolidation? appeared on BitcoinEthereumNews.com.

FLOKI has been trading within a range-bound market for the past week  If buyers re-enter the market after the MACD flashes a buy signal, it could aid a bullish breakout  FLOKI has been under bearish pressure given that within just one month, the memecoin’s price declined by 21% on the charts. During this time, its market capitalization also dropped from $2.65 billion to $1.75 billion.  At press time, these bearish trends were still in play after losses of 1.17% in 24 hours, with the crypto trading at $0.000183. Despite this fall, FLOKI still seemed to be defending its critical support. However, a lack of buy-side pressure might just have forced the memecoin into range-bound consolidation.  FLOKI price analysis FLOKI’s price has oscillated between $0.000173 and $0.000190 over the past week. One of the factors that could be behind the lack of a clear trend is the lack of market conviction. In fact, on the one-day chart, the memecoin’s Chaikin Money Flow was negative – A sign that selling pressure was high.  Despite the negative CMF, however, the green volume histogram bars suggested that buyers have also been active. The tussle between buyers and sellers could be behind the lack of significant gains or dips that forced FLOKI to consolidate.  (Source: Tradingview) On the charts, the Moving Average Convergence Divergence (MACD) line formed a buy opportunity after crossing above the Signal line. Furthermore, the histogram bars seemed to have flipped green, indicating that buyers have been becoming active.  If buying pressure continues to rise and outpaces the selling pressure, it could support a bullish breakout for FLOKI from this consolidation range. Derivatives market sees mild recovery A spike in Open Interest and derivative trading volumes tends to cause volatile price movements that in turn, support strong trends. Earlier this week, FLOKI’s…

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Filed under: News - @ January 4, 2025 7:14 am