- FLOKI’s RSI at 74.90 and MACD crossover confirm strong upward price momentum.
- Price surged past $0.000115 with 24-hour volume hitting $229.48 million.
After observing a breakout from a descending broadening wedge, FLOKI, a memecoin, has recorded a notable uptick move. During the Asian trading session, the digital asset opened its market with a price value of $0.0001038, supporting the 24-hour price surge of 13.87%. This setup has prompted many questions on whether the memecoin will extend the momentum that has been on display for a month now.
FLOKI Technical Analysis: MACD and RSI Indicators Explained
The daily chart for FLOKI/USDT reveals strong momentum based on MACD and RSI indicators, pointing to continued price strength. The Moving Average Convergence Divergence (MACD) indicator displays a rising blue MACD line at 0.0000106, which has recently crossed above the orange signal line at 0.0000074. This bullish crossover, combined with increasing green histogram bars, reflects upward momentum and a growing positive gap between the MACD and the signal line.
The Relative Strength Index (RSI) is currently positioned at 74.90, above the overbought threshold of 70. Such a trend implies improved purchasing activity, after the steady increase of the RSI from below 60 early in May. The trend in rising RSI indicates continued buy excess, which has led to the token being overbought.
The current trading price of the stock is above its 14 days moving average of 65.04 indicating the sustained strength in the prevailing movement of price. FLOKI’s price is trading at $0.0001181 after a daily gain of 13.78%, with a recent low of $0.0001037 and a high of $0.0001202. The price action has shown a consistent series of higher highs and higher lows since mid-April, supported by both indicators turning positive.
What is the Current FLOKI Market Action?
Tracking the market trend as of press time, CoinMarketCap data indicates that FLOKI is trading at $0.0001168 after gaining 13.87% in the last 24 hours. Market cap rose to $1.12 billion, while 24-hour trading volume reached $229.48 million, showing a 17.27% increase. The price chart shows a steady upward trend, with consistent growth beginning around $0.0001033.
Near the end of the day, the token experienced fast upward movement and passed the $0.000115 mark, holding it forward in the session. The combination of a bullish MACD line, an overextended RSI, and the price action itself are all suggestive of strong market momentum. The indicators confirm that the recent upward move is supported by market strength, with no bearish divergence observed at the current level.
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