Market
Is Meme Coin Season Back? FLOKI Price Is Up In The Last 7 Days
FLOKI’s price has surged 287.29% over the past year and nearly 15% in the past seven days, making it the fifth-largest meme coin on the market. While its 7-day Relative Strength Index (RSI) remains neutral, the coin shows strong potential for further growth.
Additionally, the FLOKI Ichimoku Clouds indicate a bullish outlook for the coming weeks, suggesting the possibility of more price increases.
FLOKI RSI Reflects Neutral Momentum, but Room for Growth Remains
The 7-day RSI for FLOKI is currently at 51, indicating neutral price momentum over the past week. The RSI measures the speed and magnitude of recent price changes, operating on a scale from 0 to 100.
When the RSI reads above 70, it suggests that buyers have pushed the asset into overbought territory, which could lead to a price correction. On the other hand, when the RSI falls below 30, it indicates that sellers have oversold the asset, possibly making it undervalued and primed for a price recovery.
Read more: 12 Best Altcoin Exchanges for Crypto Trading in September 2024
With an RSI of 51, FLOKI is sitting right near the midpoint of the scale, signaling a neutral stance. This level indicates that the buying and selling pressures are fairly balanced. In other words, neither bullish nor bearish sentiment is currently dominating the market.
While the price is not in a high-risk zone for being overbought or oversold, this could suggest that FLOKI has some room to grow in the next weeks.
Ichimoku Clouds Paint a Bullish Scenario
The Ichimoku Cloud on FLOKI’s 4-hour chart offers insight into the current price movement and market sentiment. This technical indicator highlights potential support and resistance levels, trend direction, and momentum.
Currently, FLOKI’s pric is sitting above the cloud, or Kumo, which signals a bullish market sentiment. Since the cloud is green, it suggests FLOKI is in an upward trend, and the cloud could provide support if the price dips back toward it.
The Tenkan-Sen (blue line), also called the Conversion Line, reflects short-term momentum, and its position above the Kijun-Sen (red line), the Base Line, indicates that bullish momentum is dominant. Typically, when the Tenkan-Sen crosses above the Kijun-Sen, it’s seen as a bullish signal, confirming the possibility of continued price growth.
Additionally, the Chikou Span (green line), or Lagging Line, is positioned above the current price, further reinforcing the bullish outlook. This line reflects where the current price stands in relation to past price action, and when it sits above the price, it indicates that momentum is still favoring buyers.
In summary, the Ichimoku Cloud on FLOKI’s 4-hour chart signals a positive trend. The alignment of the Tenkan-Sen and Kijun-Sen, along with the green cloud and Chikou Span, all suggest that FLOKI may continue its upward trajectory in the near term.
FLOKI Price Prediction: Can It Double From Here?
FLOKI is approaching a critical resistance level around $0.0001651, a key area that has historically posed challenges for the token. If FLOKI manages to break through this resistance, it could signal a stronger bullish move, potentially driving the price toward $0.00034, its highest value since June 2024.
Such a breakout would indicate a major trend reversal, highlighting strong buying momentum and reinforcing the meme coin’s relevance in the Ethereum ecosystem.
On the downside, if FLOKI fails to hold its immediate support at $0.00011, there is a risk of further decline. The next support level is around $0.00009, which might offer temporary relief. However, if bearish pressure persists, FLOKI could drop to $0.000031, marking its lowest point since March 2024.
Read more: What Are Altcoins? A Guide to Alternative Cryptocurrencies
In summary, FLOKI appears to be at a pivotal moment. A break above $0.0001651 could open the door to further gains and strengthen its position as a leading meme coin, while failure to maintain support at $0.00011 could result in a steep decline, potentially revisiting early 2024 lows.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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