- Market sentiment around FLOKI remained bullish as Altrank reached #1
- While FLOKI’s price fell 5% in the last 24 hours, indicators pointed to a trend reversal
FLOKI A few days ago, the bullish pattern broke out, indicating a continued price increase. The latest data sets indicated that the memecoin was on the right track and moving towards its goals. Meanwhile, an important proposal was passed, one that could spur further growth in the charts.
A lot happens with FLOKI
World Of Chart, a popular crypto analyst, recently posted a tweet highlight how FLOKI broke above a bull pattern. According to the same, FLOKI price entered a bullish symmetrical triangle pattern in March and successfully broke above it a few days ago.
The breakout could result in a +100% increase in the memecoin’s price. The tweet also mentioned that FLOKI is on the right track, with the altcoin increasing in value by more than 15% since the aforementioned outbreak.
In the meantime, the memecoin announced that an important proposal had been adopted. According to the official
This deflationary feature could have a positive impact on FLOKI in the future, as token burns affect circulating supply and in turn can drive up the price of an asset.
There is one concern
Although both of the above developments looked optimistic, in practice things were somewhat different. According to CoinMarketCapthe price of the memecoin fell by almost 5% in just 24 hours.
At the time of writing, the memecoin was trading at $0.0002121 with a market cap of over $2 billion. However, this trend may soon change.
The latest from LunarCrush tweet revealed that FLOKI’s Altrank was #1. For starters, Altrank is calculated by combining special and market activities, and FLOKI’s metric indicated a speedy price increase.
To see if that is possible, AMBCrypto analyzed Santiment’s data. According to our analysis, despite the latest price drop, market sentiment around the memecoin remained positive, as evidenced by the highly weighted sentiment. The MVRV ratio also had a value above 25% – a bullish signal.
However, the memecoin’s funding rate increased, which could cause problems. In general, prices move in the opposite direction to the financing interest rate.
Source: Santiment
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In addition to the MVRV ratio and weighted sentiment, some market indicators also seemed optimistic. For example, the Bollinger Bands suggested that FLOKI’s price was above the 20-day Simple Moving Average (SMA). Moreover, both the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) recorded price increases, indicating that the bearish market trend could soon change.
Source: TradingView