FLOKI, a popular meme cryptocurrency, recently experienced significant developments that could impact its future price trajectory. Notably, the token broke out of a bullish symmetrical triangle pattern, suggesting a potential price hike. Furthermore, the FLOKI DAO passed a major proposal to burn 15.246 billion FLOKI tokens, which could have profound implications for its value.
Crypto-analyst World Of Chart highlighted that FLOKI broke above a bullish symmetrical triangle pattern it had formed since March. This breakout is typically a bullish signal, often leading to substantial price increases. Following this breakout, FLOKI has already appreciated by over 15%, and projections indicate that the price could rise by up to 100%.
The FLOKI DAO recently voted overwhelmingly in favor of burning 15.246 billion tokens, with 99.84% of voters supporting the burn. Token burns reduce the circulating supply of a cryptocurrency, which can lead to an increase in value due to the principles of supply and demand. By decreasing the supply, each remaining token potentially becomes more valuable, assuming demand remains constant or increases.
Despite these promising developments, FLOKI’s price saw a decline of nearly 5% within a 24-hour period, trading at $0.0002121 with a market capitalization of over $2 billion. This short-term dip contrasts with the long-term bullish signals. However, market sentiment remains positive, as indicated by LunarCrush’s tweet showing FLOKI’s Altrank hitting #1, which combines social and market activity to gauge potential price movements.
Analysis from AMBCrypto using Santiment’s data reveals that despite the price drop, the weighted sentiment around FLOKI remains high, suggesting overall positive investor sentiment. The Market Value to Realized Value (MVRV) ratio stands at over 25%, a bullish indicator reflecting that the average holder is in profit.
Source: Santiment
One concern is the increase in FLOKI’s funding rate, which typically signals that traders are paying a premium to hold long positions. Often, when the funding rate is high, prices may move in the opposite direction, potentially leading to a correction.
Technical analysis shows that FLOKI’s price is above its 20-day Simple Moving Average (SMA), a bullish signal. Additionally, indicators such as the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) suggest bullish momentum, indicating that the recent bearish trend might reverse soon.
Source: TradingView
FLOKI’s recent token burn and technical breakout are promising signs for investors. The reduction in circulating supply through the token burn could drive up the price, provided demand remains stable or increases. Despite the recent short-term dip, market sentiment and technical indicators suggest potential for future gains. Investors should watch for changes in the funding rate and overall market conditions to make informed decisions.
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