FLOKI eyes $0.000125 as bullish momentum grows
- FLOKI surged by 20% over the weekend to hit a monthly high of $0.000116.
- The rally comes after Valour launched the first FLOKI ETF in Europe.
- The memecoin could rally towards the August high of $0.000125 if the bullish trend continues.
Memecoins put in a strong performance over the last few days, backed by Bitcoin’s rally to a new all-time high.
However, FLOKI, the native coin of the Floki Inu ecosystem, was one of the best-performing memecoins in the top 100.
The coin added over 20% to its value within the last seven days thanks to strong fundamentals.
FLOKI is now targeting new monthly highs as bullish momentum continues to grow.
Valour launches Europe’s first FLOKI ETP
FLOKI added roughly 20% to its value over the weekend, outperforming Bitcoin and the broader cryptocurrency market.
The rally can be attributed to the launch of Floki’s first exchange-traded product (ETP) in Europe, called Valour Floki SEK ETP.
Developed by Valour, a subsidiary of DeFi Technologies, the ETP allows retail and institutional investors to gain exposure to FLOKI without directly holding crypto.
This latest development makes FLOKI the first BNB Chain ecosystem token, besides BNB, to secure an ETP.
FLOKI is live on the BNB and Ethereum blockchains.
It is one of the memecoins with a wide range of utility beyond speculation.
The Floki ecosystem is vast as it includes a play-to-earn non-fungible token (NFT) game, a DeFi asset locker, an NFT marketplace, and a crypto education platform.
The launch of the FLOKI ETP saw the memecoin rally from $0.000085 to $0.000116 in less than 24 hours.
The coin could surge higher in the near term, with the August high now a possible target.
FLOKI to break above the $0.000125 resistance
The FLOKI/USD 4-hour chart is bullish but inefficient thanks to its impulsive rally on Saturday.
The coin is now retracing to pick up liquidity to the downside and gain efficiency before rallying higher.
At press time, FLOKI is trading at $0.0001007, down 4% in the last 24 hours.
However, the momentum indicators are bullish, suggesting that the memecoin could record further gains in the near term.
The MACD lines have been in the positive zone since October 1st, suggesting a strong bullish bias.
The RSI of 64 also shows that buyers are in control, with further upward movement expected to push the RSI number into the overbought region.
To gain efficiency, FLOKI will likely drop to the $0.000090 region, covering the large FVG gap on its 4-hour chart in the process.
After gaining efficiency, FLOKI could seek to reclaim the weekend high of $0.000116.
An extended rally would allow the coin to target the August high of $0.000125 in the coming days or weeks.
However, failure to reclaim the recent high of $0.000116 could see FLOKI dip lower towards the support level at $0.000086.
Unless the broader market embarks on a bearish run, this support level will likely hold in the near term.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Wall Street giants collectively raise rate hike forecasts, US Treasury futures continue to fall, gold drops over 1% to break 4000
After the US October CPI exceeded expectations, Goldman Sachs and Nomura added a forecast for an interest rate hike in March next year, while Deutsche Bank included a forecast for a rate hike in January next year. Currently, the market has fully priced in a 25 basis point rate hike in December, with a 13% probability for a 50 basis point hike. On Wednesday, the US Treasury spot market was closed, but Treasury futures continued to fall, with corresponding yields rising by about 2 to 4 basis points, and spot gold came under pressure, dropping by 1.1%.
No Need to Worry About the Cooling Down of AI Data Center Construction? The US Import Boom Is Unlikely to Subside in the Short Term, Real Impact May Come in 2029
It takes an average of 4.8 years from finalizing investment to starting construction of a data center project, and an additional 2.6 years from construction start to becoming operational. Servers usually cannot be installed until after the building structure and racks are completed. For trade partners such as Taiwan (China), South Korea, and Mexico who rely on US data center supply chain demand, the inertia in construction timelines provides at least a one- to two-year buffer for future exports.
Federal Reserve Major Debate: When Should the Tenure of “Number Three” Williams End?
The main point of contention is whether Williams should step down in June 2028, upon completing a full 10-year term, or in June 2027, when he reaches the mandatory retirement age of 65. Analysts point out that the Federal Reserve Board holds ultimate discretion; if he leaves early, Fed Chair Waller would be able to assert greater control over the appointment to this critical position. However, forcing Williams to shorten his term could easily be interpreted as political manipulation. Williams himself is expected to serve until June 2028.
Crypto prices
More
