The price of FLOKI breaks above the descending wedge pattern, indicating an upcoming bullish rise. $FLOKI
Large wallets have accumulated 1.23 billion FLOKI tokens since Friday.
Open interest for FLOKI reached nearly $50 million on Monday, the highest level this year.
The price of FLOKI (FLOKI) is trading around $0.0000827 on Tuesday after breaking above the descending wedge pattern, indicating potential for further upside. In addition to this bullish technical outlook, large wallets have accumulated over 1.23 billion FLOKI tokens since Friday, reflecting increased confidence among traders. Furthermore, open interest (OI) has risen to nearly $50 million, representing its highest level this year, supporting more positive signals for the meme coin.
FLOKI bulls take the lead with increasing accumulation of large wallets and open interest reaching an annual high
Santiment's supply distribution data supports bullish expectations for FLOKI, as the number of large wallet holders increases.
The metric indicates that whales holding between 10 million and 100 million FLOKI tokens (the blue line) have accumulated 1.23 billion FLOKI tokens from Friday to Tuesday. This increase is an accumulation by major wallets reflecting increased confidence among traders.
FLOKI distribution chart. Source: Santiment
CoinGlass data shows that open interest (OI) in FLOKI on exchanges rose from $30.46 million on Sunday to $49.92 million on Monday, marking the highest level this year and the highest level not seen since December 19. The increasing open interest represents the entry of new or additional funds into the market and new buying, which may fuel the current price rise of the FLOKI meme coin.
FLOKI open interest chart. Source: Coinglass
Price prediction $FLOKI : Break above the descending wedge pattern
The price of FLOKI broke above the upper trendline resistance of the descending wedge pattern on Sunday. This pattern is formed by connecting several peaks and troughs with a trendline since mid-May. As of this report on Tuesday, FLOKI is trading around $0.0000827.
If FLOKI maintains bullish momentum and closes above the 100-day Exponential Moving Average (EMA) at $0.0000838 on a daily basis, it may extend the rally to retest its daily resistance at $0.0001102, with temporary resistance at the 50% Fibonacci retracement level, drawn from the high on May 12 at $0.0001237 to the low on June 22 at $0.0000595, at $0.0000916.
The Relative Strength Index (RSI) on the daily chart reads 54 and points upwards, indicating that bullish momentum is gaining strength. Additionally, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover on June 28. The rising green bars in the histogram above the neutral zero line also indicate that bullish momentum is gaining strength and continues in an upward direction.
Daily chart for FLOKI/USDT
However, if FLOKI faces a correction, the decline may extend to retest its Saturday low at $0.0000730, which coincides almost with the upper boundary of the trendline for the descending wedge pattern.
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