- FLOKI’s open interest has increased by 8% in the last four hours and by 18% in the last 24 hours.
- If FLOKI rises to $0.000165, approximately $1.08 million worth of short positions will be liquidated.
Floki (FLOKI), the fifth-largest memecoin, has been making waves due to its impressive performance and bullish price action pattern amid the current bearish market sentiment.
On August 28, FLOKI recorded a price increase of over 2.6%, while the overall cryptocurrency market declined by 5.7%.
Optimistic outlook for FLOKI
The recent price surge has created a bullish forecast for the FLOKI memecoin. Based on its price action, the coin has successfully retested the breakout of a bullish double bottom pattern.
Therefore, there is a high probability that FLOKI will rise by 20% to the $0.00019 mark in the coming days.
Source: TradingView
Additionally, FLOKI was trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating that it was in an uptrend.
With this successful breakout, the interest of investors and traders in the memecoin is gradually increasing.
According to on-chain analytics firm Coinglass, FLOKI’s open interest has increased by 8% in the last four hours and 18% in the last 24 hours.
Meanwhile, bull bets on the long side have been steadily increasing over the past seven days. With the recent price surge, nearly $1.08 million worth of short positions are at risk of being liquidated.
FLOKI’s key liquidation levels
According to Coinglass’ exchange liquidation chart indicator, the key liquidation levels are around $0.000139 on the downside and $0.000165 on the upside as traders have been over-leveraging at these levels.
Source: Coinglass
If sentiment remains bullish and FLOKI rises to $0.000165, short positions worth approximately $1.08 million will be liquidated.
Conversely, a change in sentiment and a drop in price to $0.000139 would liquidate nearly 134 million long positions.
Whales and investors hold
When examining the holdings of whales and investors, it seems like they can easily manipulate the price of FLOKI.
According to on-chain analytics firm IntoTheBlock, at press time, whales held 73.47% of the total FLOKI supply, investors held 13.14%, and regular retail traders held 13.40%.
Source: IntoTheBlock
Current price analysis
At press time, FLOKI was trading near the $0.000158 mark after its price increased by over 2.5% in the last 24 hours.
Trading volume increased by 71% over the same period, indicating increased trader participation following the successful retest.
Realistic or not, here is FLOKI’s market cap in BTC terms
Other top meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and dogwifhat (WIF), are struggling to gain momentum.
Based on CoinMarketCap, DOGE, SHIB, PEPE, and WIF have seen price declines of over 3.3%, 2.5%, 4.5%, and 6%, respectively.
