Floki Inu (FLOKI) is now on the recovery trail after experiencing a two-day bearish run after a price upswing. At the time of writing this article, the current FLOKI price is $0. 000258 having a trading volume of $475,248,035 in the 24-hour time frame. The cryptocurrency has seen an increase of 1.61%  in the last 24 hours and is 48th in the market capitalization which is currently $2,465,310,357.

This cryptocurrency has increased by 1.61% in the last day and is ranked at the 48th position in terms of market capitalization with $2,465,310,357.

FLOKI has been recently in a bearish trend but managed to create a support point at $0. 00011434, which has gone down to this level but then went up slightly. 

This recovery has created the way for further recovery as indicators are already in a position to point to an upturn that may propel the selling price to previous highs of about $0.00031500

Floki holds around a critical support region on the 4-hour chart.

Based on the 4-hour time frame of Floki Inu (FLOKI), it is notably observed that the price of FLOKI is in a consolidation phase after a period of price increase. The price is currently within the Bollinger Bands with the upper band currently pegged at $0.$0.00023379.

At the time of writing this, FLOKI is slightly above this Moving Average at $0. 00025832 which may point to a bit more of stability or at least a small bullish signal in the short run. In the subsequent sessions, what traders need to look out for is whether FLOKI can hold above the moving average that will indicate that there is still support or if the price fell below the moving average and gave weaker support levels seen to represent a bearish trend.

FLOKI’s On-chain Activity Hint at a Price Surge

From the data obtained from Santiment, on-chain metrics for Floki Inu indicate a number of activities that may affect FLOKI’s market. There was a significant amount of FLOKI being transferred out of exchanges on May 30th, a situation commonly associated with possible stabilization or even growth of the rate, as it reduces the amount of coins that can be traded. Such a reduction in exchange supply may alleviate selling pressure and possibly drive up the price of the coin.

Also, the growth of the active addresses translates into more people using the given asset, which can always be positive for the price side. Fluctuations in the markets, along with the alteration of the long/short ratio, indicate that the traders are more positive in their trading strategies. Since the FLOKI perpetuals are now listed on platforms like Coinbase, they might experience a massive pump and dump frenzy, which will affect FLOKI’s price movement in tune with the overall market and given the fact that the said market shifts quite often with movements in Bitcoin and other macroeconomic factors.