Floki Goes Wild Gave Over 500% Return in a Month, What’s Next?

• FLOKI price is trading at $0.00020 while having a decline of 13.66% during the intraday trading session.
• Current market capitalization has ranked 57th out of 9,994 active cryptocurrencies.
• Floki is just 39.18% below its all-time high price of $0.00034.

Floki Inu (FLOKI) is a utility token of the Floki ecosystem. It is the people’s cryptocurrency run by a decentralized community. Floki’s original founder abandoned the project shortly after its launch. The community took over and rallied the project, which later got relaunched. It became a globally recognized crypto brand with 400,000+ holders in its first year. FLOKI is both an ERC-20 token and a BEP-20 token on the Ethereum and Binance Smart Chain respectively.

FLOKI Six Months Returns Crossed 1200%

Like many other cryptocurrencies, Floki also started its bullish reversal move in October 2023. However, the price didn’t succeed in capturing the interest of the whales and cruisers after October. It experienced a negative fall of 21.17% in January 2024.

But, in February 2024, the price observed a positive growth of 95%, which reflected the entries of crypto whales in the market. Consequently, the price surged almost 500% in the current month, making it an attraction point for crypto holders.

Floki Inu total supply is at 9.71 Trillion FLOKIs, out of which 9.55 Trillion are in current circulation. The maximum supply is unknown, making it an inflationary cryptocurrency. The fully diluted market cap is closer to the current market cap of $2.02 Billion.

Price to Volume and Social Dominance Analysis

The current social dominance of Floki Inu is at 0.176% in the entire cryptocurrencies. It got social attention after February 19, when the dominance almost reached 0.753%. The price is moving away from social dominance compared to the volume.

24-hour trading volume is at $711 Million, which declined by 3.68%. It is ranked 27th out of all the 9,094 active cryptocurrencies, according to CoinMarketCap.

Technical Analysis of the FLOKI Token

The price slipped below the 50 and the 200-Day EMAs on January 23. Afterward, it rebounded from the EMAs on February 9, which resulted in the breakout of $0.000047. At present, the price is moving far away from EMAs, reflecting strong bullish sentiments.

FLOKI token price surged over 500% after breaking above the $0.000047 initial supply level. The price reached $0.00031, which is nearly its all-time high price. It faced resistance from that level and is looking for a bullish correction.

$0.00016 can become a decisional POI for the bullish rally. The price can reach the $0.00034 all-time high if it makes a solid bullish rejection candle from the POI.

The relative strength index (RSI) reflected a bearish divergence in the price momentum. The RSI line is sloping from the overbought area, reflecting the increase in selling pressure in the current phase.

Summary

Floki Inu is a community-driven project that is gaining a lot of appreciation from investors worldwide. The people’s token represents the people’s trust, which keeps the Floki price stable. At press time, the token price is trading near its all-time high price of $0.00034. It can surge above $0.00034 if it gets a substantial response from the $0.00016 POI.

Technical Levels

• Resistance Levels: $0.00029 and $0.00034
• Support Levels: $0.00016 and $0.00010

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.