Will FLOKI Soar After Coinbase’s Game-Changing Move?

Coinbase Adds Support for Floki (FLOKI)

Coinbase, the leading cryptocurrency exchange in the United States, has announced its plans to support Floki (FLOKI) on the Ethereum network. This follows the recent listings of Pepe (PEPE) and Dogwifhat (WIF) on Ethereum and Solana, respectively.

Current Market Status

Despite the listing announcement, FLOKI's value has remained relatively unchanged. However, its trading volume has surged by 17%, indicating increased interest from traders and investors.

Technical Analysis

Technical analysis suggests that FLOKI is poised for an upward move. Experts believe it is on the verge of breaking out from a descending triangle pattern on the four-hour timeframe. On the daily timeframe, it has been consolidating within a narrow range.

Potential Price Movement

A breakout from the current consolidation zone could propel FLOKI by approximately 30% to the $0.00035 level. The 200 Exponential Moving Average (EMA) also indicates an uptrend, with FLOKI's price trading above this level.

Large Transaction Volume and Open Interest

On-chain metrics reveal a significant increase in large transaction volume for FLOKI, primarily driven by whales and institutions. However, open interest has declined, suggesting traders are cautious about building new positions at this time.