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Bittime - The crypto market was shocked again by the rally of the Floki Inu (FLOKI) meme coin . After experiencing a downward trend in December and January, the price of FLOKI/USDT suddenly reversed direction and jumped drastically in a short period of time.
Floki Inu (FLOKI) Bullish Trend and Extreme Momentum
Based on data from TradingView, FLOKI price movements on the daily timeframe show a shift in market structure to bullish on January 20, 2024. This triggered a slow but consistent uptrend.
The trend then turned into an explosive rally in the last ten days. FLOKI managed to record a price increase of 351% from lowest to highest point. However, at the time of writing, FLOKI price has decreased by around 12% in the last 12 hours.
Despite the correction, FLOKI's potential rally does not appear to be over. The 12% correction is in line with the Fibonacci retracement level (pale yellow line) plotted on the chart.
The continued strong bullish sentiment towards FLOKI raises the potential for further price increases and setting new records in the coming days. This is supported by the Relative Strength Index (RSI) indicator on the 12-hour chart which reached 91 on March 2 2024. This value is close to the highest level ever recorded in the second half of October last year (87.1).
A high RSI value indicates momentum is at an extreme level. Price corrections are inevitable, but they may not happen in the near future. Therefore, shorting the FLOKI token is currently still considered risky.
On the other hand, Fibonacci retracement levels can be a reference for investors to re-enter long FLOKI positions.
Floki Inu (FLOKI) Selling Pressure Emerges
Data from Santiment shows an increase in the number of active addresses which coincides with a rapid increase in FLOKI prices. However, dormant circulation (circulation of inactive tokens) also experienced a significant increase.
This indicates the movement of a large number of previously inactive FLOKI tokens. This can be a signal of potential profit-taking from holders. A similar indication is reinforced by the decline in the mean coin age metric, which shows a reduction in the duration of FLOKI ownership.
Floki Inu (FLOKI) Price Today
Source: Bittime.com
On March 04, 2024, the price of Floki Inu (FLOKI) was at 2,511 per coin, up 11.22% in 24 hours, 299% in the last week and 420% in the last 30 days.
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Optimism Behind Floki Inu (FLOKI) Correction
Even though there is potential for profit taking, FLOKI price movements are still supported by several positive indicators. FLOKI's realized cap (market capitalization based on actual purchase price) is approaching the highest level recorded on January 10, 2024. This indicates increasing accumulation of FLOKI and the potential for investors to hold their holdings in the long term.
Apart from that, the realized cap metric also shows that the overall movement of the FLOKI token has not been too high, even though there has been an increase in dormant circulation. This indicates the potential for a further rally. However, investors are advised to wait for better risk-to-reward conditions before making additional purchases.
Conclusion
FLOKI's explosive rally in the last few days certainly raises questions about the sustainability of this momentum. Even though price corrections are normal after significant increases, bullish sentiment towards FLOKI is still strong. Investors need to be careful in making decisions, taking into account Fibonacci retracement levels and other indicators to identify potential entry point opportunities.
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How to Buy Floki Inu (INU) on Bittime
You can buy and sell Floki (FLOKI) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Floki (FLOKI) is available on Bittime with the market pair FLOKI/USDT . To be able to buy FLOKI USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Floki Inu (FLOKI) on Bittime .
Monitor the price chart movements of Floki Inu (FLOKI) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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