FLOKI broke above a bullish pattern a few days ago, which hinted at a sustained price rise. The latest datasets indicated that the...
While FLOKI’s price dropped by 5% in the last 24 hours, indicators hinted at a trend reversalbroke above a bullish pattern a few days ago, which hinted at a sustained price rise. The latest datasets indicated that the memecoin was on the right track and was moving towards its targets. Meanwhile, a major proposal got passed, one that could fuel further growth on the charts.highlighting how FLOKI broke above a bull pattern.
The breakout could result in a +100% hike in the memecoin’s price. The tweet also mentioned that FLOKI has been on the right track, with the altcoin appreciating by over 15% since the aforementioned breakout.that a major proposal had passed. As per its official X handle, FLOKI DAO has voted in favor of burning 15,246,000,000 FLOKI tokens, with a majority of 99.84% voting in favor of the burn.
This deflationary characteristic might have a positive impact on FLOKI in the future since token burns affect circulating supply and in turn, they can push an asset’s price up.Though both of these aforementioned developments looked optimistic, things on the ground were a bit different. According toAt the time of writing, the memecoin was trading at $0.0002121 with a market capitalization of over $2 billion. However,revealed that FLOKI’s Altrank hit #1.
To see whether that’s possible, AMBCrypto analyzed Santiment’s data. As per our analysis, despite the latest price drop, market sentiment around the memecoin remained positive, as is evidenced from its high weighted sentiment.However, the memecoin’s funding rate increased, which could cause trouble. Generally, prices move the other way than the funding rate.Apart from the MVRV ratio and weighted sentiment, a few market indicators also looked optimistic.
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