FLOKI, a cryptocurrency, has recently shown bullish sentiment in the market, with a 2.42% rally attempting to recover from a previous drop of 12.27%. Several bullish indicators have appeared on the chart, suggesting that the current upward trend may continue as more investors buy FLOKI. One significant pattern that has emerged is the cup and handle pattern, which typically signals an incoming rally. This pattern could potentially lead to a price increase of 24.82% to $0.00006711 from its current level.
For the rally to fully ignite, FLOKI would need to break the black resistance line on the chart. Technical indicators such as the Moving Average (MA) Ribbon and Parabolic SAR also support the possibility of an upward trend. The MA Ribbon, which includes multiple Simple Moving Averages (SMA), is reflecting a bullish sentiment at the moment. Additionally, a golden cross pattern has occurred, with the short-term SMA 20 crossing above the long-term SMA 200, indicating a shift in momentum towards the bullish side.
The Parabolic SAR indicator, which uses dots to determine trend direction, further confirms the bullish outlook for FLOKI. The presence of dotted markers below the price action suggests that buyers are gaining control in the market. This, combined with the accumulation of the asset in the spot market by traders over the past week, indicates strong buying sentiment and the potential for upward price movement.
Exchange netflows show that traders in the spot market have purchased $502,000 worth of FLOKI, contributing to the current price formation. Derivative traders have also been taking advantage of the bullish sentiment by placing long bets as buying volume increases. The Taker Buy Sell ratio, which measures buying activity, has shown a reading of 1.024, indicating a higher level of buying compared to selling. If market indicators and sentiment remain bullish, it is likely that FLOKI will experience a price push to the upside.
