New record for the Floki crypto: Crypto Analysis of June 6, 2024

The meme coin, Floki Inu, continues its ascent by reaching a new all-time high. Let’s examine the future prospects for the FLOKI price.

Situation of the Floki Inu (FLOKI) Price

After hitting a low of $0.000005 in June 2022, Floki has attracted buying interest, appreciating more than 7,000%. In fact, Floki benefited from two waves of increases that brought it back to its all-time high (ATH) two years later. Upon closer examination of the chart, it is observed that the cryptocurrency recently underwent a short-term downward movement that was eventually offset before surpassing its ATH at $0.00034. Unfortunately, reaching this threshold did not visibly sustain buying interest for now.

Indeed, at the time of writing, the Floki price is trading around $0.00031. The medium- and long-term trend of Floki remains bullish, as evidenced by Dow theory and the 50- and 200-day moving averages. On the oscillators’ side, it can be seen that they, like the price itself, illustrate a resumption of the cryptocurrency’s bullish momentum. However, it should be noted that this momentum is not as marked as what was recently observed during Floki’s last bullish move.

The current technical analysis was conducted in collaboration with Elie FT, an enthusiastic investor and trader in the cryptocurrency market. He is now a trainer at Family Trading, a community of thousands of proprietary traders active since 2017. You will find Lives, educational content, and support around the financial markets in a professional and friendly atmosphere.

Focus on Floki Inu Derivatives (FLOKI/USDT)

FLOKI/USDT contracts have moved in the same direction as the cryptocurrency but more significantly. This demonstrates a more pronounced speculative interest in the cryptocurrency, generally oriented towards buying. This hypothesis could be confirmed by spikes in positive funding rates. These highlight a price differential between FLOKI/USDT contracts and their underlying asset, due to significant bullish pressure on these contracts. On the liquidation side, one can see that buy positions have recently been more significant than seller positions. This could indicate an excess of optimism from speculators.

The three-month liquidation heatmap for FLOKI/USDT shows that the cryptocurrency recently crossed two significant liquidation zones. The first and most important was located around $0.00027. Buying interest persisted upon reaching this zone. As for the second, more recent, it was near $0.00032. It seems that the contact of FLOKI with this zone sparked selling interest after a slight downward reaction. Currently, the nearest liquidation zone above the current price is identified at $0.00035. Below the current price, one can note the zone of $0.0002. The approach of the price to these levels could trigger a massive order activation, thereby increasing the risk of a period of heightened volatility for Solana. These zones thus represent a crucial point of interest for investors.

Hypotheses for the Floki Inu (FLOKI) Price

• If the Floki price remains above $0.00015, one could anticipate a clear break of $0.00034. The next resistance to consider, if the upward movement continues, could be the first level of Fibonacci extensions at $0.0004. Just above, one can also note $0.00045. At this point, this would represent an increase of over 44%.

• If the Floki price fails to stay above $0.00015, one could foresee a return to levels of $0.0001. The next support to consider, if the downward movement continues, would be $0.00009. At this point, this would represent a decline of less than 70%.

Conclusion

After falling to a very low level, the cryptocurrency Floki has significantly recovered, recording a substantial increase in its value. However, although it has surpassed its previous peak, buyers’ enthusiasm does not seem to have endured. Nevertheless, it is too early to conclude that the coin has definitively lost its support, as Floki’s technical indicators and structure suggest a positive future. Therefore, it will be crucial to closely observe the price’s reaction to different key levels to confirm or refute current hypotheses. It is also important to remain vigilant against potential market “fake outs” and “squeezes” in each scenario. Finally, let’s remember that these analyses are based solely on technical criteria and that cryptocurrency prices can rapidly evolve due to more fundamental factors.