As the cryptocurrency landscape grapples with recent fluctuations, anticipation for a market recovery is mounting. FLOKI has experienced a notable upswing, rising 7% within 24 hours to $0.00013, alongside a striking 93% increase in trading volume, amounting to $369 million. However, the ongoing selling pressure from major stakeholders raises red flags. In contrast, Dogecoin has seen a decline since peaking at $0.43, with broken support levels presenting challenges for both these meme currencies.
What About FLOKI’s Trading Activity?
Recent data reveals an extraordinary trading volume surge for FLOKI, exceeding 3,000% in just one day. This uptick has been accompanied by significant transactions involving 50.5 billion coins. Nonetheless, the net holdings of large investors have plummeted from 21.3 billion to -8.4 billion coins, indicating a sell-off of 30 billion coins. The substantial holdings by whales, accounting for 72% of the total, could exert downward pressure on the price, potentially driving it to $0.000059.
How is Dogecoin Performing?
Following a peak of $0.43 on January 18, Dogecoin has faced a downturn. A notable breach of its rising channel on the 4-hour chart signals a bearish outlook. Following a wave analysis, a complex corrective phase has emerged, marking the $0.36 level as a critical resistance point. The price may test lower support levels at $0.285 and $0.238 in the near term.
- FLOKI’s trading volume has surged over 3,000%, showing heightened interest.
- Large investors have significantly reduced their net positions, signaling caution.
- Technical indicators for FLOKI display a death cross, indicating a potential downtrend.
- Dogecoin’s recent drop challenges its previous gains, with critical support levels identified.
Currently, DOGE is trading at $0.3322, reflecting a 3.25% increase in the last 24 hours. Market dynamics continue to evolve, with both FLOKI and DOGE adjusting to the pressures of current trading conditions.
