- Asset bounced from an important support zone on the graph, which brought two price goals into focus
- Market participants have largely been bullish, with the exception of some spot traders who have sold
Floki has registered the 5.64% profit in the last 24 hours, with the same addition to the impressive monthly performance of 23%.
However, that is not all. Especially since the analysis indicated that it will actively keep an upward trend in the charts, one supported by a walk in a positive sentiment over the wider market.
Most important support levels and its impact on price promotion
Floki recently exchanged in a crucial level of support at the graph, one that had previously served as a resistance.
This support zone for $ 0.00009474 had previously forced a small withdrawal. After he broke above this resistance, Floki’s return to the zone led a slight rally on the charts.
Source: TradingView
Despite this step, however, it still has to print a higher high print, which keeps a potentially bearish scenario in the game.
To make the Bearish front views completely invalid, Floki has to break above its previous high at $ 0.00012359 and close a daily candle above this level.
If it is actively exceeding that threshold, the next goal would probably be $ 0.00014577, where it can encounter a new concentration of sales orders.
Will Floki break into a new high?
Sentiment around this possibility remains divided, with two different market scenarios that unfold.
Retail investors have shown confidence in the Futures market. Both open interest and purchase volume have also continued to rise.
At the time of writing, the open interest of Floki – the total value of restless derivative contracts – had risen by 12.28% to $ 27.53 million.
Source: Coinglass
At the time of the press, the long-to-korter ratio of 1.004 indicated that most of these open contracts were from long traders who expect the price of the actual collecting.
In the meantime, traders on the spot market have sold it actively. Exchange net flow data became positive, with about $ 741,000 sold to Floki in the last 24 hours.
However, this sale can be temporary because some investors have taken a profit after recent price wines.
However, if the sales pressure extends, this can reverse the profit of Floki and reverse the upward momentum in the last 24 hours.
Investor sentiment supports the Bullish case
Investor sentiment data from Coinmarketcap emphasized a growing belief in a continuing meeting.
At the time of the press, the sentiment of investors sounded to more than 74%, with the same recovery from a short decrease in the previous day.
Source: Coinmarketcap
If this trend continues, this would mean that the recent sale on the spot market is probably temporary. It would also mean that Floki remains well positioned to continue his rally.