based on materials from the site - By crypto.news
The price of Floki has surged over the past few days, reaching its highest level in nearly a month, as its social sentiment assessment improved and exchange reserves fell.
Floki (FLOKI), one of the largest meme coins in the cryptocurrency industry, peaked at $0.000089, which is 45% higher than its lowest level in June. The rise occurred amid high volume, with its 24-hour volume jumping 83% to $211 million.
The jump in the Floki token coincided with a significant increase in its social volume. Santiment data shows that the volume surged to 21, the highest level since June 5. Similarly, the chart indicates that the social dominance metric sharply rose to 0.293%, the highest level since March 25.
The sharp increase in social dominance and volume is a bullish catalyst, as it signals greater interest among retail traders. This, in turn, may stimulate fear of missing out or FOMO.
The price of Floki has also surged as exchange balances continued to decline, reaching their lowest level since August of last year. There were 1.93 trillion tokens on exchanges, down from 2.18 trillion in November of last year. The decline in exchange balances is a sign that investors are no longer dumping their assets.
Meanwhile, the 100 largest addresses continue to accumulate Floki, which is a sign that they expect the price to continue rising. These holders have increased their positions by 16% over the last 12 months to 8.93 trillion tokens.
The bounce in Floki also reflected the performance of other top meme coins that have risen. Bonk (BONK) increased by 59% over the past seven days, while Useless Coin soared by 40% over the same period.
The daily chart shows that the Floki token has bounced back over the past few months, moving from a low of $0.00004570 to $0.000080. It has risen above the 50-day exponential moving average, while the relative strength index and MACD are trending upwards.
The price of Floki has formed a symmetrical triangle pattern, with two trendlines converging at the level of merger, which may lead to a breakout. The next point to watch will be $0.00010, the upper side of the triangle. Movement above this level will indicate further growth, potentially up to $0.0001230, the highest value in March.
#MarketRebound , #Сryptomarketnews
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