A 28% Upswing Sends FLOKI Higher; Will The Rally Continue Or Stall?

• FLOKI climbs past $0.00011 following a 28% rally. 
• 24-hour trading volume skyrockets 293%.

A 1.69% uptick has been posted toward the recovery in the cryptocurrency market. With the Fear and Greed Index value holding at 59, neutral sentiment is lingering in the market. Both the green and red flags are waving across the digital assets. Notably, the meme coin market cap has reached $82.6 billion, after a modest drop. 

Among the pack of meme tokens, the dog-themed FLOKI has registered an explosive jump of over 28.28%. The meme coin opened the day, trading at its bottom range of $0.00008538. With the bullish turnover in the FLOKI market, the price took the high road in today’s trading by hitting a high of $0.0001144. 

The meme coin has broken the crucial resistance zones between $0.00008543 and $0.0001139. As per CMC data, at press time, FLOKI traded at around $0.0001109, with its market cap reaching $1.08 billion. Besides, the daily trading volume of the meme coin has exploded by over 293%, touching the $381.8 million mark. 

FLOKI on the Rise: How Long Will the Bulls Stay in Control?

FLOKI’s technical analysis reports that the Moving Average Convergence Divergence line is settled above the signal line. It is considered a bullish signal, indicating the upward momentum of the asset’s price. The further the MACD moves above, the stronger the bullish momentum gets. 

In addition, the Chaikin Money Flow (CMF) indicator found at 0.51 suggests a strong bullish sentiment and buying pressure in the market. The value is significantly positive, with capital flowing into the asset. Also, the price action is more likely to trend upward and continue the ongoing uptrend. 

With the positive outlook in the FLOKI market, the price might climb to its crucial resistance range at $0.0001117. If the upside correction gained more strength, the asset could rise above the $0.0001125 resistance. This may potentially trigger the golden cross to take place, aiming for new highs. 

If the meme coin’s momentum reverses, the bears in control could pull the price back to retest the support level of $0.0001101. A further correction on the downside might initiate the death cross to unfold, and the subsequent support of FLOKI would be around $0.0001093, or it may go even lower. 

The daily Relative Strength Index (RSI) of the meme coin is at 85.30, which implies it is in a heavily overbought condition. The value is very high, showing strong bullish momentum, but it is also due for a correction or retracement. Moreover, FLOKI’s Bull Bear Power (BBP) reading of 0.00002937 is positive, signalling that the bulls are slightly dominant. There is mild upward pressure on the price, but the strength is relatively weak.

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