In a significant move, Coinbase, the largest cryptocurrency exchange in the United States, has announced the addition of Floki (FLOKI) on the Ethereum network. This comes after the recent introduction of other meme coins like Ethereum’s Pepe (PEPE) and Solana’s Dogwifhat (WIF). The pressing question on many minds is whether the listing of FLOKI on Coinbase will influence its market price in the upcoming days.
Understanding Coinbase’s Support for FLOKI
Despite the news of Coinbase’s support, the price of FLOKI has not shown any substantial change. According to the latest updates, FLOKI has experienced a price decrease of over 5.3% in the last 24 hours, currently trading around $0.000238. Interestingly, during this same period, the trading volume for FLOKI surged by 17%. This spike in activity suggests increased interest from traders and investors, spurred by Coinbase’s announcement on X (formerly known as Twitter).
Analyzing FLOKI’s Technical Patterns and Future Price Levels
From a technical analysis perspective, FLOKI is nearing a critical juncture. Experts suggest that the meme coin is on the brink of breaking out from a descending triangle pattern observed on the four-hour chart, which could signal a possible upward trajectory. On the daily chart, FLOKI appears to be consolidating within a narrow range between $0.000232 and $0.000275. This consolidation phase presents a potential for significant movement once a breakout occurs.
Should FLOKI manage to break free from this consolidation zone, projections indicate a potential 30% increase, possibly reaching the $0.00035 mark in the near future. The current price movement positions FLOKI steadily towards its all-time high (ATH). Furthermore, the 200 Exponential Moving Average (EMA) suggests an uptrend, as FLOKI’s price maintains a position above this crucial level.
Increase in Large Transaction Volumes: A Bullish Indicator?
On-chain metrics provide additional insights into FLOKI’s potential trajectory. Data from the on-chain analytics firm IntoTheBlock reveals a substantial 98% increase in large transaction volumes for SHIB over the past 24 hours. This surge is primarily attributed to the activities of whales and institutional investors, possibly indicating a bullish sentiment surrounding the meme coin.
In contrast, FLOKI’s open interest has seen a 12% decline during the same timeframe. This drop suggests that traders are exercising caution and refraining from establishing new positions. It appears that market participants are waiting for a decisive breakout from either the consolidation zone or the descending triangle pattern before making their moves.
In conclusion, while the immediate impact of Coinbase’s listing on FLOKI’s price remains uncertain, the technical indicators and on-chain metrics offer a glimpse into potential future movements. As traders and investors monitor these developments closely, the coming days could prove pivotal for FLOKI and its position in the ever-evolving cryptocurrency market.
