FLOKI Price Rise Could Stall as On-Chain Data Suggests Major Unstaking

Over the past two weeks, the meme cryptocurrency sector has outperformed the broader recovery trend in the market. Top assets such as Dogecoin, Shiba Inu, Floki Pepe Coin, and Bonk witnessed triple-digit gains in a short but intense rally. Will Bitcoin’s breakout of the $70,000 barrier further strengthen this recovery, or is it time for a new correction?

Also Read: Solama Meme Coin: Why Is Solama Price Rising 1800%?

FLOKI’s Rally Hits Resistance: Potential Downside Ahead of Times Square Exposure

FLOKI, known as Floki Inu, is a cryptocurrency that combines the appeal of meme culture with the utility of the blockchain space. The token recently caught the attention of investors with its aggressive rise, increasing its trading value from $0.0000345 to $0.000236 in just two weeks and recording 700% growth.

Amid continued enthusiasm for the meme cryptocurrency, Floki Inu’s value was boosted by a bold marketing campaign in New York’s Times Square. The campaign, which begins on March 15th and will run for three months, will put FLOKI in the spotlight at one of the most prestigious advertising venues worldwide. This strategic move highlights Floki Inu’s efforts to carve out a prominent space within the highly competitive cryptocurrency landscape.

However, the aggressive price hit a major hurdle at $0.000218, evidenced by the longwick rejection candle on the daily chart. This reversal reflects profit booking by traders and the possibility of a slight decline for buyers to regain strength.

Also Read: Shiba Inu vs Pepe Coin: Where Should You Invest?

$FLOKI faces volatility as whale unstakes $7.14 million

Lookonchain, an on-chain data platform, reported a 75% rise in the price of $FLOKI today, noting in a tweet over the past six hours that whales have unstaked 30 billion tokens worth approximately $7.14 million. Selling by these large holders has likely contributed to the price volatility. Transaction history can be tracked through the provided Ethereum blockchain address.

price $FLOKI Up ~75% today!

We noticed that the whale was starting to unscrew its stake. $FLOKI And sell it for a profit!

6 wallets unstaked 30B. $FLOKI($7.14M) is selling in the last 6 hours. $FLOKI.

Address: https://t.co/llvmSsLbt7https://t.co/us2zSxajOH… pic.twitter.com/yno9dtvxya

— Lookonchain (@lookonchain) March 8, 2024

Therefore, a potential downside in the Floki price may find suitable support at $0.00022, $0.000185, and $0.000156, which coincide with the Fibonacci retracement levels of 23.6%, 38.2%, and 50%, respectively.

• Average Directional Index: A daily ADX rise above 52% indicates that current buying momentum is nearing saturation point.
• Exponential Moving Average: The fast-moving 20-day and 50-day EMA slopes could serve as key pullback support for cryptocurrency buyers.

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Sahil is a dedicated full-time trader with over 3 years of experience in the financial markets. With a strong understanding of technical analysis, he closely follows the daily price movements of top assets and indices. Driven by a fascination with financial products, Sahil has enthusiastically embraced the emerging cryptocurrency space and continues to explore opportunities driven by his passion for trading.

The content presented may include the personal opinions of the author and may vary depending on market conditions. Do your market research before investing in cryptocurrency. Neither the author nor the publication accepts any liability for your personal financial losses.