- The FLOKI meme coin experienced a 37% increase over the past week and traded above $0.000156.
- Binance’s announcement of the Simon’s Cat (CAT) token was a key driver of the coin’s recent surge.
The FLOKI meme coin has taken the spotlight in the ongoing meme coin rally, posting a 37% price increase over the past week. This surge has placed FLOKI at the forefront of the meme coin market, drawing significant attention from investors.
FLOKI’s price has seen a substantial rise, climbing from the low of $0.0001471 to the high of $0.0001562. This 5% increase is part of a broader trend within the global crypto market, where several tokens have experienced notable gains.
At the time of writing, FLOKI traded at $0.0001542 with a market cap of $1.47 billion. Despite the rally in the FLOKI price, the daily trading volume of the coins declined by around 9.8% to $246 million.
Last week, Binance’s announcement of the Simon’s Cat (CAT) token airdrop for FLOKI holders captured more attention and significantly contributed to the coin’s upward trajectory. Additionally, FLOKI Inu has secured a strategic partnership with Nottingham Forest, boosting its visibility in the Premier League and enhancing its brand recognition.
Floki’s Technical Analysis and Bullish Outlook
The price action on the 1-day chart for FLOKI has been bullish following its recent move beyond the $0.000156 zone. If this rally sustains, the memecoin could retest the $0.000160 region as a new support level. Further holding this rage could open the door for further gains, with the next significant resistance target set at $0.000175.
Technical indicators further support this bullish outlook. The MACD (moving average convergence divergence) has formed a bullish crossover, indicating that the previous downward momentum is rapidly weakening. This shift suggests a growing likelihood of continued upward movement in the near term.
Additionally, the OBV (on-balance volume) has been climbing higher over the past week, reflecting increasing buying pressure. However, it’s important to note that the OBV has not yet reached the highs seen in late July.
FLOKI has broken out of its recent downtrend on the daily chart, indicating a potential shift toward sustained bullish momentum.
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