Crypto Market Insights: FLOKI and DOGE Show Mixed Signals

Crypto Market Insights: Mixed Signals from FLOKI and DOGE

Amidst the ongoing market downturn, expectations for recovery are on the rise. FLOKI has surged by 7% in the past 24 hours, reaching $0.00013, while trading volume has spiked by 93% to $369 million. However, the recent selling trend among major players and concerning technical indicators raise caution.

FLOKI Coin Analysis

IntoTheBlock data reveals a significant spike in FLOKI coin trading volume, exceeding 3,000% within 24 hours. Notably, this spike involved a substantial 50.5 billion coins. Conversely, the net positions of large investors witnessed a decline from 21.3 billion coins to -8.4 billion coins, indicating a sale of approximately 30 billion coins. The pressure exerted by whales, who hold 72% of FLOKI coins, could potentially drive the price down to $0.000059.

FLOKI Coin Technical Analysis

Technical analysis paints a bearish picture, with the 50-day EMA crossing below the 200-day EMA, confirming the downtrend. While the RSI has reached 32, it remains below the signal line. Thus, a failure to break above the $0.000135 resistance could trigger an acceleration in selling pressure. Nevertheless, the Long/Short ratio has climbed to 1.03, suggesting a glimmer of optimism.

Dogecoin Price Analysis

Dogecoin (DOGE) has retreated from its peak of $0.43 on January 18th. A break below the rising channel in the 4-hour chart signals bearish sentiment. Wave analysis indicates the onset of a corrective pattern following Wave 3 at $0.48. The $0.36 level now serves as resistance, with potential support at $0.285 and $0.238.

Dogecoin Technical Analysis

The RSI is approaching 40, reflecting weak momentum. However, the $0.238 level has historically been a support level. The near-term target is set at $0.24, and a break below this could signal a continuation of the downtrend. Alternatively, maintaining a price above $0.36 would present more favorable scenarios for DOGE.

As of this report, DOGE is trading at $0.3322, marking a 3.25% gain in the last 24 hours. Against the Turkish Lira, the largest meme coin stands at 11.8894.