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Floki's (FLOKI) price in the last 24 hours has been bullish in the after establishing support at the intra-day low of $0.0001536. This rally soared the FLOKI price to an intra-day high of $0.0001777 before facing resistance. At press time, FLOKI was exchanging hands $0.0001711, a 10.73% surge from the 24-hour low.
During the rally, FLOKI’s market capitalization and 24-hour trading volume surged by 10.56% and 49.62%, respectively, to $1,637,580,364 and $290,636,702. This surge reflects an increased investor interest, with traders anticipating further price surges.
If the FLOKI price breaches the $0.0001777 resistance, the next resistance levels to watch for are $0.00020 and $0.0002200, respectively. However, should bearish pressure seize market control, the next support levels to look out for are $0.00016 and $0.00015. Moreover, the FLOKI price has been down 25% in the last month, with prices swaying between a monthly high and low of $174.19 and $124.37, respectively.
This price surge is attributable to the FLOKI trading bot, which is going live today on the mainnet to the general public. This bot emphasizes user experience and speed. Some of the advantages brought about by the bot are 500,000 on-chain holders and strong brand recognition with over 3 billion mainstream users due to the recent partnerships with football teams and other sports like cricket, table tennis, and badminton leagues
Subsequently, this bot increases the usage of the $FLOKI token since it contributes a strong demand for it, which gives it an edge over other memecoins. Concurrently, it creates a self-reinforcing cycle that strengthens FLOKI’s usage and fundamentals. In addition, with the increased investor interest, the FLOKI price holds local support. With the Moving Average Convergence Divergence (MACD) flipping to bullish, this price rally has more room for growth.
On the FLOKIUSD, the Bollinger bands are moving linearly, with the upper, middle, and lower bands touching at $0.0001789, $0.00016599, and $0.0001530, respectively. However, with the price action moving towards the middle band, the bullish momentum maybe waning. This linear trend indicates a decreasing market volatility which precedes selling pressure
On the other hand, the Relative Strength Index (RSI) is still above the 50 regions suggesting that buls are trying to make a comeback. But if the RSI goes below the signal line and approaches the oversold area, the bearish reversal should be expected
Furthermore, the stochastic RSI indicate that the market is over bought and the rating stands at 87. This level suggests that the buying pressure could have reached its peak, and traders are likely to book profits in the short term
