- FLOKI’s 40% price surge confirmed a bullish breakout after retesting a long-term descending trendline that had limited growth since late 2023.
- Technical indicators, including a golden cross and strong MACD, show rising momentum as FLOKI targets higher Fibonacci resistance levels.
- Futures open interest and daily active wallet activity surged, supporting increased trader confidence and signaling growing market participation.
FLOKI recorded a 40% surge on July 17, reaching $0.000138, its highest price in six months. Although it has slightly pulled back to $0.000129, the price remains significantly higher than April’s year-to-date low, marking a 175% gain.
The memecoin recently broke out from a descending trendline that had capped its price since late 2023. The breakout, confirmed by a successful retest, has shifted market sentiment. This reversal began in mid-May when FLOKI started forming higher lows, signaling renewed buyer interest.
Support holds as price climbs
At present, FLOKI continues trading well above the mark of $0.00012. The breakout level that was posing resistance for months has transformed into a stable support level. Price action further reveals that the token left a descending parallel channel, and this supports the bullish technical pattern.
At the Fibonacci retracement level of 61.8%, the price is being met at the price level of $0.000167, where resistance is currently appearing. A daily close above this level can open the way to the $0.000196 level, in line with the 78.6%, and a potential payoff of 52% at current prices.
Technical indicators favor bulls
The daily chart recently flashed a golden cross, as the 20-day simple moving average moved above the 50-day average. This is considered a bullish momentum signal. The MACD remains in positive territory, while the RSI stands at 74, suggesting strong buying pressure, despite nearing overbought levels.
Futures open interest has risen sharply to an all-time high of $76.7 million, climbing 88% in the last 24 hours. Funding rates remain positive, showing sustained trader confidence. On-chain data also shows increased user activity, with daily active addresses more than doubling, according to Nansen.
Social media speculation indicates that it might be listed on Robinhood. The speculation has not been confirmed, but the enthusiasm created among investors is part of the price movement and trading volume associated with FLOKI.
