FLOKI’s Rally Meets Resistance: Potential Pullback Ahead of Times Square Exposure
FLOKI, also known as Floki Inu, is a meme cryptocurrency that has gained attention due to its recent rally. Within two weeks, the token’s trading value increased from $0.0000345 to $0.000236, resulting in a 700% growth. This surge in value can be attributed to the ongoing enthusiasm for meme cryptocurrencies.
In addition to the market’s interest, Floki Inu received a boost from its marketing campaign in New York City’s Times Square. The campaign, which started on March 15 and will run for three months, aims to place FLOKI in the spotlight at one of the world’s most prestigious advertising arenas. This strategic move demonstrates Floki Inu’s efforts to establish itself in the competitive crypto landscape.
However, the rally faced a major obstacle at $0.000218, as indicated by a long-wick rejection candle in the daily chart. This reversal suggests that traders are taking profits and there is potential for a minor pullback before buyers regain strength.
$FLOKI Faces Volatility as Whales Unstake $7.14M
According to on-chain data platform Lookonchain, the price of $FLOKI experienced a 75% increase today. The platform also reported that whales have unstaked 30 billion tokens worth approximately $7.14 million in the past six hours. This sell-off by large holders likely contributed to the price volatility of FLOKI. Transaction details can be traced through the provided Ethereum blockchain addresses.
The price of $FLOKI increased by ~75% today!
We noticed that whales started unstaking $FLOKI and selling for profits!
6 wallets have unstaked 30B $FLOKI ($7.14M) in the past 6 hours and are selling $FLOKI.
Address:https://t.co/llvmSsLbt7https://t.co/us2zSxajOH… pic.twitter.com/yno9dtvxya
— Lookonchain (@lookonchain) March 8, 2024
As a result, there is a potential for a pullback in the price of Floki. Possible support levels for this pullback include $0.00022, $0.000185, and $0.000156, which align with the Fibonacci retracement levels of 23.6%, 38.2%, and 50%, respectively.
- Average Directional Index: The daily ADX’s upward movement beyond the 52% mark suggests that the current buying momentum may be reaching a saturation point.
- Exponential Moving Average: The fast-moving 20- and 50-day EMA slopes could serve as key support levels for crypto buyers during a pullback.
By
By
By
By
By