When Coinbase announced its plan to include Floki Inu on its roadmap, the memecoin’s price skyrocketed. Within an hour, Floki shot up 28%, from $0.00022324 to $0.00028309. That wasn’t just a spike, it was Floki’s highest price in five months. While joining Coinbase’s roadmap doesn’t guarantee a listing, it’s clear the news was enough to set off fireworks for Floki investors.
What caused this huge jump?
The announcement alone seems to have sparked the wave, but Floki Inu was already having a great week. Its value has almost doubled in the past seven days. Currently, the token is holding steady around $0.0002531, a crucial support level. It has bounced back from this zone several times, showing resilience despite the usual ups and downs of the crypto market.
But the point is, the Relative Strength Index (RSI) went above 75 during the rise, meaning Floki was overbought. Since then, the price has cooled to 58.85, indicating that investors are taking a breather before making the next move.
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What the maps and whales say
From a technical perspective, Floki inu is on solid ground. The immediate support is at $0.0002531, with another backup level at $0.00024594. In terms of trend strength, the Average Directional Index (ADX) stands at 34.02. That’s a good sign: it means the upward momentum is still there, even if it’s losing some momentum.
Interestingly, whale activity indicates that something is going on. Coinglass data shows that whales are placing significant short orders above the current price and long orders below. Translation? There may be a dip before another upward move.
What to expect
Floki Inu’s recent performance reflects the trend of the memecoin season. With investors flocking to high-risk, high-reward tokens, Floki could maintain its upward momentum. However, the current trend is showing signs of fatigue, so caution is advised.
For now, the spotlight remains on Floki Inu as it moves through this exciting phase. Will it maintain its gains or take another leap forward? The next few days will tell.