FLOKI has plunged 17% after a wallet linked to the meme coin's developers reportedly deposited $2M tokens to Binance.
FLOKI’s Open Interest has reached a multi-month high, but negative Funding Rates suggested further bearish pressure.FLOKI was trading at a weekly low of $0.000127 at the time of writing. The dip comes amid concerns about selling activity by a wallet linked to the Floki Inu team., the wallet was reactivated after more than two years of dormancy. It deposited $2.27M worth of FLOKI tokens to Binance right before the meme coin plunged.
The dropping RSI suggested that FLOKI was becoming undervalued. This could present a buying opportunity, and the price could consolidate ifThe Bollinger bands have widened, with the price dropping to the lower band. This suggested a spike in volatility, increased uncertainty, and market stress. While the oversold conditions and Bollinger bands could suggest an exhaustion of the downtrend, traders should await confirmation.
The RSI must form higher lows above 30 and crossover above the signal line. If this happens, and the price rises to the middle band , FLOKI could make a positive correction., FLOKI’s Open Interest has soared to $33 million, its highest level since June. This metric has been surging gradually since the 26th of August.While this is usually a bullish signal, it might not be the case with FLOKI.
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