FLOKI Gains 14% in a Day and Crosses $0.000085, Can This Meme Coin Maintain Its Uptrend?

• FLOKI breaks above $0.000085 after a 14% rally.
• 24-hour trading volume jumps by a massive 571%.

A 1.78% recovery push in the cryptocurrency market has triggered some assets to light up the green candlesticks, while others trade in red. Bitcoin (BTC) and Ethereum (ETH) are trading at around $109K and $2.5K. Notably, the meme coin market cap is settled at $60 billion, after a 4.7% spike. Among the pack of meme tokens, FLOKI has registered a solid jump of over 14.40%

The meme coin kicked off the day trading at its bottom range of $0.00007435, and with the wake of potent bulls, FLOKI took the high road in today’s trading by breaking crucial resistances between $0.00007453 and $0.00008905, reaching a high of $0.00008911

As per CoinMarketCap data, FLOKI currently trades at around $0.00008511, with a market cap of $819.16 million. In addition, the daily trading volume of the meme coin has exploded by over 571%, reaching $260 million

FLOKI has recorded a 10% surge over the last seven days. The meme coin began trading at the $0.000077 level, and the price fell back to a low of $0.000070 as the bears were in control. Later, with the arrival of bulls, the price has risen to the current trading zone

Will FLOKI Keep Riding the Bull Wave?

The technical chart analysis of FLOKI exhibits that the Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This crossover generally indicates a bullish momentum with the potential for upward price action. Besides, the Chaikin Money Flow (CMF) indicator settled at -0.06, suggesting a mild selling pressure in the market. Also, the money is flowing out of the asset, and if it drops further, it may confirm a stronger bearish sentiment.

*FLOKI chart (Source: TradingView)*With the positive sentiment, the FLOKI price might find its key resistance above the $0.00008617 range. If the momentum continues, the meme coin could likely test the $0.00008630 resistance. Further upside correction may potentially trigger the golden cross to take place, eyeing high targets

However, if the meme coin fails to climb above $0.00008612, the price could slip and bring in a retest at the support level of $0.00008590. An extended correction on the downside might push the bears to initiate the death cross, and the subsequent support of FLOKI might be around the $0.00008579 mark.

*FLOKI chart (Source: TradingView)*Moreover, the asset’s daily Relative Strength Index (RSI) is found at 69.42, signalling that it is nearing the overbought territory. This may hint at a potential pullback or correction. FLOKI’s Bull Bear Power (BBP) value of 0.00001034 implies that the bulls are moderately strong in the market, and the momentum could shift.

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