Floki Price Skyrockets Over 50% in A Week, Here’s Why

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As a seasoned crypto investor with several years of experience under my belt, I have witnessed numerous market trends and price movements. However, the recent surge in Floki (FLOKI) has piqued my interest due to its impressive gains and various positive factors driving its growth.

Over the past week, the canine-themed cryptocurrency named Floki (FLOKI) has witnessed a notable increase, rising by approximately 50% from its weekly low of $0.000139 to $0.00021. This uptick came despite encountering some resistance. The recent listing of FLOKI on major spot exchanges, strategic marketing adjustments, and the WazirX hack-related optimism have been key factors contributing to this positive sentiment.

Bullish Divergence and Market Analysis

As a crypto analyst, I’ve noticed an intriguing development for FLOKI: the emergence of a Hidden Bullish Divergence. This technical indicator hints at an upcoming significant price surge. Based on my assessment, this divergence could potentially lead to a price hike of approximately 81%, pushing the value up to $0.00034888.

The divergence refers to situations where the price chart shows higher highs but the indicator displays lower peaks. This discrepancy suggests that the uptrend might persist. Furthermore, if the resistance level at $0.0002761498 is broken, the price could surge towards $0.00054673, representing a potential 54% increase from the first target price.

Floki Price Skyrockets Over 50% in A Week, Here’s Why

Previously, Dogecoin‘s (DOGE) price surges have initiated meme coin rallies, benefiting coins like Floki (FLOKI) and Shiba Inu (SHIB). While Floki’s price trend has generally followed Dogecoin’s, it has frequently outperformed during market upswings.

Floki’s Market Position and Trading Activity

In a recent Binance Live AMA session, Floki emerged as the leading cryptocurrency in the play-to-earn (P2E) sector based on market capitalization. This impressive achievement came at the expense of other prominent competitors like Axie Infinity, The Sandbox, Decentraland, and Gala. During this event, Floki provided a preview of its upcoming game, Valhalla. With an attendance of 33,000 people and a successful outcome, the popularity of the token has significantly increased in the marketplace.

Floki Price Skyrockets Over 50% in A Week, Here’s Why

In a comparable fashion, the surge in FLOKI‘s price has been influenced by significant trading activity and growing investor participation. The derivatives trading volume swelled by 54.36% to reach $173.24 million, signaling heightened market interest and the likelihood of increased volatility. Additionally, open interest rose by 21.46% to $26.74 million, reflecting an influx of new positions taken by traders, suggesting a robust bullish trend.

The recent cyberattack on WazirX, India’s crypto exchange, resulting in over $230 million in losses, including $4.7 million worth of FLOKI tokens, initially raised alarm. However, the market reacted swiftly, buying up the sold-off FLOKI tokens, showcasing their high liquidity and robustness. The hacker has now emptied their holdings of FLOKI tokens, meaning they no longer have any influence on the token’s price.

Floki’s team is working together with WazirX to mitigate the consequences of the incident for FLOKI token holders and minimize any negative impact. Their quick action and ongoing assistance have contributed to the stability of the token’s market value.

New Exchange Listings and Marketing Initiatives

The addition of FLOKI to Kraken’s listings has significantly increased the token’s market reach. Now, investors can purchase FLOKI using EUR and USD, making the token more versatile for transactions.

$FLOKI has recently been added to Kraken’s listings, enabling users to purchase FLOKI using both cryptocurrencies and fiat money from a reliable US exchange: Now, you can buy $FLOKI utilizing Euros (EUR) and US Dollars (USD) on Kraken.
Founded in 2011, @krakenfx adheres to stringent regulatory…
— FLOKI (@RealFlokiInu) July 16, 2024

FLOKI receives a significant lift as Kraken, a highly regarded US exchange with over 10 million users, now supports it.

Floki’s marketing plans, which involve backing the Women’s Asia Cup Cricket 2024, aim to boost recognition for its Play-to-Earn MMORPG game, Valhalla. This collaboration is expected to draw a significant following, consequently amplifying FLOKI‘s reach and acceptance in the industry.

Floki Price Trend 

Over the past 24 hours, there have been intense battles between buyers and sellers in the cryptocurrency market, leading to significant price fluctuations for FLOKI. However, FLOKI’s price has bounced back, recovering after hitting a low of $0.000184. At this moment, FLOKI is being traded at $0.0002044, representing an impressive 8% increase from the day’s minimum price.

At the rally, FLOKI experienced a significant growth in both market capitalization and trading volume. Specifically, these figures rose by 8% to reach $2 billion and 25.87% to hit $350,303,640, respectively. This notable increase indicates a growing belief among investors, implying their expectation for further profits.

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2024-07-20 23:16