FLOKI Price Set to Skyrocket 30% Amid Breakout Confirmation

In this bearish market sentiment, where the top cryptocurrencies are experiencing selling pressure, Floki (FLOKI) is gaining significant 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 and outperformed top meme coins including Dogecoin(DOGE), Shiba Inu (SHIB), and Pepe (PEPE). 

FLOKI Price Prediction 

Based on the price action and technical analysis, the successful double-bottom pattern could lead to a significant upside rally up to the next resistance. Meanwhile, in 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. 

FLOKI Price Analysis 

With an impressive price surge of over 4% in the last 24 hours, FLOKI is currently trading near $0.000157 level. Meanwhile, its trading volume has increased by 85% during the same period, indicating higher participation from traders, potentially due to FLOKI’s bullish outlook.

Meanwhile, top meme coins including 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 last 24 hours.

Liquidation Level and Rising Open Interest 

Additionally, FLOKI’s open interest (OI) has skyrocketed by 35% in the last 24 hours, according to the 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 indicates growing interest from investors and traders amid the recent retest.

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