- Floki saw a bullish crossover emerge on the MACD and Stoch RSI.
- Floki has gained by 4.17% over the past 24 hours.
Over the past month, Floki [FLOKI] has experienced strong downward pressure, with the memecoin reaching a low of $0.00014.
However, the past 24 hours have shown some signs of life for the memecoin, with a moderate recovery. At the time of writing, Floki is trading at $0.000166, marking a 4.17% increase on daily charts.
During the same period, its trading volume surged by 61.4% to $231.7 million. With the memecoin making some gains, this signals a potential market reversal after a long period of decline.
Can Floki finally recover?
According to AMBCrypto’s analysis, Floki was seeing a strong momentum to the upside as buyers reentered the market.
Source: TradingView
Firstly, we observe this upward momentum after Floki made a bullish crossover from two fronts. A bullish crossover has emerged on its MACD, suggesting that the upward momentum is strengthening.
This is further confirmed by another crossover that occurred on the Stoch RSI two days ago.
Source: IntoTheBlock
Looking further, Floki whales were active, as evidenced by a spike in large transactions. Over the past 24 hours, large transactions have surged by 122% extending a week-long of high whale activity.
With a higher trading volume and a bullish crossover, it seems whales are actively accumulating the memecoin.
Source: Santiment
Additionally, the NVT ratio with transaction volume has dropped to a negative value, signaling a potential bottom. Historically, the NVT ratio at this level precedes a price rebound.
With a sustained drop, it suggests that the market has entered oversold territory, offering buyers the opportunity to reenter markets at lower prices.
Source: Santiment
Finally, Floki’s MVRV has signaled a potential reversal to the upside. Over the past two days, MVRV has risen to 2.5 after dropping to 2.2.
Historically, the memcoin’s MVRV signals a potential rebound after dropping below 2.5, as buyers reenter the market at lower prices, driving prices higher.
Realistic or not, here’s >FLOKI’s market cap in BTC’s terms
In conclusion, with the crypto market experiencing positive sentiments, Floki indicates a potential rebound.
The memecoin seems to have hit a local bottom, making a trend reversal very likely. If these sentiments hold, Floki could reclaim $0.00018. However, if sellers retake the market, the memecoin could dip to $0.00015.
