Floki (FLOKI) Memecoin Soars Amidst Bearish Market Sentiment, Could Surge by 20% to Reach the $0.00019 Level in the Coming Days

Floki [FLOKI] the fifth-largest memecoin, has been making waves amidst the current bearish market sentiment due to its impressive performance and bullish

.00019 Level in the Coming Days" >

As the cryptocurrency market continues to experience a bearish trend, with a 5.7% decrease in the last 24 hours, one memecoin has managed to buck the trend and experience a price increase of over 2.6%.

The memecoin in question is Floki (FLOKI), which experienced a price surge on Monday, August 28.

According to data from CoinMarketCap, at press time, FLOKI was trading at $0.000158, up by 2.63% in the last 24 hours.

This price performance led to a bullish outlook for the memecoin, with a high chance of a 20% increase to reach the $0.00019 level in the coming days.

The bullish outlook is supported by FLOKI successfully retesting the breakout of a bullish double-bottom pattern on a technical chart.

Furthermore, on a daily time frame, FLOKI was trading above the 200 Exponential Moving Average (EMA), indicating an uptrend in the coin's price.

This price performance attracted the attention of investors and traders, with a recent increase in bull bets on the long side.

According to the on-chain analytic firm Coinglass, FLOK’s Open Interest experienced an 8% increase in the last four hours.

Moreover, in the last 24 hours, bull bets on the long side have been increasing steadily.

As a result, if the sentiment shifts and the price falls to $0.000139, nearly 134 million long positions will be liquidated.

However, if the sentiment remains bullish and FLOKI rises to $0.000165, approximately $1.08 million worth of short positions will be liquidated.

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