FLOKI Shows Some Stability After Two Consecutive Days of Pullback. Next Direction?

The meme crypto FLOKI is currently showing some recovery signs today after two consecutive days of price correction after showing signs of a bullish rally recently. At the time of writing, the coin's market seems to have been strong, with a current market cap of $2.49 billion. Within the last 24 hours, FLOKI has seen a trading volume of about $472 million, a 30% decline to trade at $0.000262, which is a 4.12% gain in the last 24 hours.

FLOKI Technical Analysis

On the technical part, its price action recently broke out of a double bullish continuation pattern, which was a symmetrical triangle and a bullish flag formation within the triangle itself. Breakout came after over a month long consolidation period that began in early March when FLOKI reached a high of $0.00031500. Following this rise to the swing high, the price dropped by 63%, creating a low at $0.00011434, where it found double strong support from both the bullish flag and the symmetrical triangle's base.

This retracement has set a potential volatile upward movement in the coming days. The technicals point out to a potential 139% surge from the breakout point, targeting a new all-time high at around $0.00038

In the lower time frame for short term targets, the price looks set to drop to test the $0.0002211 support level before it can continue the uptrend to target the $0.00031500 resistance high for the 3rd time.

On the technical indicators, the daily RSI is currently at 58 which is an increasing activity  of the sellers in the last two days of correction driving this reading away from the overbought region.
Also the MACD is in a strong positive zone, backing up the bullish sentiment. The MACD line is well above the signal line, indicating growing bullish momentum.

FLOKI On-chain data from Santiment show the behavior and network activity. The recent exchange flow balance metrics show volume of FLOKI moving in and out of exchanges, which oftenly signal preparatory moves by traders, either for selling or for accumulation, anticipating for price movements in the future. On May 30th, we see a sharp spike downwards, showing more Floki flowing out-of-exchange, indicating price drop in the short term. 

On the other hand, the number of active addresses has recently grown, which means growing user engagement, higher demand and positive market sentiment that can lead to price gains as more participants buy or hold.

Also, the long/short ratio has witnessed drops. Still the general trend as shown below shows a balanced sentiment between buyers and sellers but with slight shifts on the short positions exceeding the long positions from the last 5 days.

On the overall , the recent listing of FLOKI perpetuals that happened on prominent trading platforms like Coinbase could signal more price gains, similar bullish rallies like those observed in other meme coins like PEPE and Shiba Inu. This event is likely to spark renewed interest and speculative trading, pushing FLOKI to new highs.