FLOKI Price Set to Skyrocket 30% Amid Breakout Confirmation

The post FLOKI Price Set to Skyrocket 30% Amid Breakout Confirmation appeared first on Coinpedia Fintech News

In this bearish market climate, where leading cryptocurrencies face selling pressure, Floki (FLOKI) is attracting attention from traders and investors following its breakout and price surge. On August 28, 2024, FLOKI successfully retested its bullish double-bottom price action pattern, outperforming popular meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).

FLOKI Price Prediction

Based on price action and technical analysis, the successful double-bottom pattern could lead to a substantial rally towards the next resistance level. For FLOKI, this breakout could result in a significant price surge of 30% to the $0.00020 level. However, FLOKI will only skyrocket if it closes a daily candle above the $0.000158 level.

Source: Trading View

FLOKI Price Analysis

With a notable price surge of over 4% in the past 24 hours, FLOKI currently trades near the $0.000157 level. Its trading volume has increased by 85% during the same period, indicating increased participation from traders, likely driven by FLOKI's bullish outlook.

Meanwhile, top meme coins like DOGE, SHIB, and PEPE are struggling to gain momentum. According to Coinmarketcap data, these meme coins have experienced price drops of over 2.5%, 2.3%, and 4.7%, respectively, in the past 24 hours.

Source: Coinmarketcap

Liquidation Level and Rising Open Interest

Additionally, FLOKI's open interest (OI) has increased by 35% in the last 24 hours, based on data from the on-chain analytic firm CoinGlass. It has also increased by 10% in the past hours and 15% in the last 4 hours. This rising OI signifies growing interest from investors and traders amidst the recent retest.

According to CoinGlass data, the main liquidation level is near $0.000165 on the upper side as short traders are over-leveraged. If the sentiment remains bullish and the FLOKI price rises to $0.000165, nearly $1.16 million worth of short positions will be liquidated.