- FLOKI has a strong bull market structure.
- The recent surge underscores bullish intent, and demand has confirmed bullish expectations for the meme token.
Floki the Dog [FLOKI] It has been on a sharp upswing, rising 35% since Monday, May 27, and is just 3% below the highs that defied FLOKI bulls in early March.
FLOKI price predictions are very bullish based on technical indicators and price action on the daily chart, with a further 50% upside expected. News of whales buying up FLOKI has further boosted bullish expectations.
FLOKI price surges as bullish structure breaks down
FLOKI/USDT chart. Source: TradingView
The $0.000222 level, marked in white, is one of the key lower highs the meme coin recorded during its retracement since mid-March. The 50% retracement level at $0.000202 is another short-term resistance level.
Over the past 10 days, both levels have flipped into support. The OBV has also broken through the local resistance level marked in orange, reinforcing the idea of solid buying pressure.
The RSI on the daily chart is at 78, which is in the overbought zone. While this does not indicate an immediate pullback, it highlights the strength of the bulls in the recent move. Further upside is expected in the coming days.
A drop to the $0.000275 to $0.000284 region could provide a buying opportunity, with the 61.8% and $100 Fibonacci extension levels of $0.00045 and $0.00053 being the next profit-taking objectives.
Bullish sentiment was seen in both the spot and futures markets.
sauce: Coin Alize
Similar to the OBV, the spot CVD also reclaimed local resistance levels as support and surged higher in the past 24 hours, which was a sign of strong demand in the spot market.
Realistic or not, here is FLOKI’s market cap in BTC:
Over the past two days, the open interest along with the price has also shown a sharp upward trend.
The funding rate was also positive but has declined in recent hours, which may indicate that some futures traders believe the market is overextended and are no longer taking long positions.
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and consists solely of the opinions of the authors.
