- The price of FLOKI has increased significantly over the past week as interest in the token has increased.
- Network growth has declined, indicating a decline in interest from new users.
Floki Inu (FLOKI) is one of the memecoins that has been vying for the top spot for some time.
FLOKI dominates the market
Despite FLOKI’s attempts to grow, popular new entrants continued to take market share away from the FLOKI token. However, the tides for FLOKI have changed over the past week.
According to data from CoinMarketCap, FLOKI has seen a 21.75% price increase over the past seven days. It is the third highest cryptocurrency that has appreciated so much during this period.
Source: CoinMarketCap
Since the beginning of May, the price movement of FLOKI has been largely positive. It has shown multiple signs of higher highs and higher lows, indicating an upcoming uptrend.
If FLOKI manages to retest the $0.00023076 levels, it could break above the resistance and aim for the $0.00025780 level in the future.
Despite the FLOKI price surge, the CMF (Chaikin Money Flow) of the FLOKI token dropped significantly to -0.12. This indicates that the money flowing into FLOKI has decreased significantly.
FLOKI’s RSI (Relative Strength Index) has also declined significantly, implying that the bullish momentum around the token has taken a hit.
Source: Commercial View
Despite the price surge, it was observed that it was mainly long positions that were liquidated. This could be attributed to traders taking high leverage bets on FLOKI.
Source: Coinglass
Due to this, trader sentiment has turned negative. According to Coinglass data, the number of short positions taken against FLOKI has increased in recent days.
This indicates that there was a rise in bearish sentiment and traders were expecting FLOKI’s price to decline.
Source: coinglass
Even though the price of FLOKI has increased, network growth has decreased significantly, suggesting that the number of new addresses using FLOKI has decreased.
Is your wallet green? Consult the FLOKI profit calculator
The lack of interest from new addresses indicated that the recent FLOKI price surge was due to existing holders accumulating new coins.
While this may drive up prices in the short term, new addresses may be necessary for long-term sustainable growth.
Source: Santiment
News Source : ambcrypto.com
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