FLOKI, one of March’s most notable meme coins, has recently broken out of an upward trend, providing substantial profits to investors and attracting widespread interest. Projections suggest this positive trajectory may persist, potentially leading to new highs soon. Nonetheless, current data hints at a bearish influx, possibly indicating a forthcoming trend reversal.
What Does FLOKI’s Current Trend Indicate?
According to World Of Charts, a prominent crypto analyst, FLOKI’s recent breakout in mid-May ended a prolonged consolidation phase, resulting in an 80% profit for investors. This trend left a significant portion of FLOKI holders in profit, with data from IntoTheBlock showing 99% of investors “still in the money.” However, recent 24-hour data from CoinMarketCap suggests potential instability, with the coin’s price rising only 0.5%.
As of the latest figures, FLOKI’s market cap stands at 2.96 billion dollars, with a trading price of 0.0003122 dollars.
Should Investors Be Concerned About a Drop?
Despite a slight price correction, data from Santiment indicates that market sentiment remains bullish, as evidenced by an increase in social volume. However, other on-chain metrics paint a more nuanced picture. For instance, while the MVRV ratio remains positive, the NVT ratio has seen a significant drop, signaling potential future price dynamics.
A decline in the NT metric suggests that the asset’s value remains low, potentially pointing to an upcoming price increase. Additionally, network growth has surged, with new addresses being created to transfer FLOKI tokens.
Key Takeaways for Investors
– Majority of FLOKI investors are currently in profit.
– Market sentiment remains bullish despite recent corrections.
– On-chain metrics signal potential price volatility.
– Network growth indicates increasing interest in FLOKI.
FLOKI’s daily chart shows the MACD reflecting a renewed bullish trend, while the Bollinger Bands indicate that the price is well above the 20-day Simple Moving Average (SMA), suggesting potential continued upward movement.