FLOKI successfully defended $0.000030 support, hiking 12% to a local high of $0.000035.
With the broader crypto market showing signs of recovery, memecoins took center stage. The sector’s total market value rose to $35.3 billion, driven by $5.9 billion in trading volume.
Amid this shift, as with other memecoin projects, massive capital flowed into FLOKI. After holding within the accumulation phase for four consecutive days, Floki finally pumped.
FLOKI successfully held $0.00003 and rose to $0.0000359. As of this writing, Floki [FLOKI] traded at $0.000034, up 12.08% on the daily charts.
Over the same period, its volume rose 135% to $70.9 million, while its market capitalization increased to $329 million, reflecting capital inflows.
FLOKI sees renewed interest
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As the market rebounded, FLOKI experienced substantial demand from whales and retail in equal measure, further strengthening upside momentum.
In fact, over the past four days, the memecoin recorded a positive Buy Sell Delta. Over this period, FLOKI saw 349 billion in buy volume compared to 326 billion in sell volume.
Source: Coinalyze
As a result, the memecoin recorded a buy sell delta of 23 billion, a clear sign of aggressive spot accumulation.
Additionally, FLOKI whales entered the market to accumulate the memecoin. Looking at the Whale Buy Activity Indicator, whale buy volume rose to 203.4 billion, with the average buy volume of 60 billion.
Source: TradingView
This indicated substantial demand from large players, a clear indication of strong bullish sentiment.
Moreover, the memecoin’s top holders increased their total to 9.7 trillion, according to Nansen data. Top addresses added 57.56 billion FLOKI tokens but offloaded only 33.8 billion.
Source: Nansen
Increased accumulation from both retail and whales signals strong conviction, especially among speculators who fear missing out.
Is the upside momentum sustainable?
FLOKI exhibited strong bullish momentum as buyers stepped in amid a broader shift in market sentiment. As a result, the memecoin’s Relative Strength Index (RSI) rose to 47.
Although the RSI remained within the bearish zone, it’s a significant jump from 31 two days ago, reflecting a stronger buying presence.
At the same time, the memecoin crossed its short-term moving average, EMA 20, further validating this strengthening upside momentum.
Source: TradingView
Such market conditions position FLOKI favorably for further gains. Thus, if the bullish momentum is sustained, the memecoin’s upside will continue, and it will flip the EMA50 at $0.000039.
However, if holders who have been underwater over the past weeks seek to realize profits, any significant pressure will push prices down to $0.000030.
Final Summary
- Floki [FLOKI] successfully defended $0.00003 support and climbed to a local high of $0.0000359. FLOKI showed strong bullish momentum as demand rebounded across retail and whale investors.
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