FLOKI, a memecoin, has recently hit a key support level on the Bollinger Bands indicator, hinting at a possible major push to the upside. Despite experiencing a bearish market sentiment from last month’s decline, FLOKI is showing signs of a potential reversal as it hovers near the lower band of the Bollinger Bands. This could indicate a forthcoming rally of up to 48% to the upper band.
The Relative Strength Index (RSI) indicator is also rebounding, suggesting that FLOKI’s bounce off the support level is strengthening. However, the Money Flow Index (MFI) indicates a massive outflow of liquidity in the market, with participants seemingly selling the asset. Despite this, spot market netflows data show minimal selling pressure, with long-term holders holding onto their positions in anticipation of a market push to the upside.
In the Futures market, FLOKI is seeing significant buying activity on exchanges like OKX, with a long-to-short ratio above 1 indicating more buying than selling. Additionally, the OI-weighted funding rate has been trending upwards, potentially leading to significant gains for FLOKI if it continues to move into the positive zone. These positive indicators point towards a bullish outlook for FLOKI in the near future.
Overall, while some spot market participants may be selling FLOKI, others are placing long bets in the Futures market, suggesting confidence in a potential rally. The confluence of factors, including the Bollinger Bands indicator, RSI rebound, and buying activity on exchanges, point towards a possible uptrend for FLOKI. As the memecoin market continues to evolve, investors will be closely monitoring these indicators to capitalize on potential price movements.
