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- 1 The FLOKI price is up nearly 5.78% intraday and currently trades close to 0.00024.
- 2 The FLOKI crypto rebounded from a key dynamic support of the 20-Day exponential moving average.
The FLOKI price is extending the gains on the second consecutive day and has recovered nearly 5.78% more in Intraday. The price took a rebound from the 20-Day exponential moving average and reversed its course towards the positive side.
Earlier, the FLOKI crypto suffered rejection from higher supply levels of $0.00030 level and declined. The price dropped nearly 40% from the recent swing high in the last few sessions. The bears attempted to regain control of the trend and defend the higher supply levels.
However, the bulls made a comeback as soon as the price encountered a 20-Day EMA on its way. The bulls played aggressive bullish bets near the dynamic support of 20 days due to which the FLOKI cryptocurrency jumped off nearly 32% intraday yesterday.
FLOKI Crypto Volume Analysis
The FLOKI chart demonstrates a correlation between the price and volume with respect to time. The volume inflow surged significantly in the last week of February which helped the price achieve higher levels.
The average volume received jumped from $249.5 Million in the last week to February to a high of nearly 2 Billion USD by the first week of March. However, the volume dropped as the price tumbled down for a profit booking. However, the last couple of sessions have experienced a rising volume inflow.
The intraday volume received was $1.09 Billion with an increment of nearly 93.9% as compared to the previous session. The volume to market capitalization ratio was 45.97% suggesting high volatility in the FLOKI price.
Open Interest Contracts Increased In The Last Couple Of Sessions!
The total open interest data shows the number of open contracts in FLOKI crypto. The OI data as obtained from the above chart shows that the number of Open contracts were rising till the March 14th and so was the price of FLOKI cryptocurrency.
However, the number of open contracts dropped sharply between 15th March to 20th March. The number of open contracts on March 14th was nearly 21 Million which dropped to a low of nearly 9 Million by 20th March. Furthermore, the OI data was observed to be increasing in the last couple of sessions and was at 14 Million at the time of writing.
Technical Outlook Of FLOKI Price
At the time of writing, the RSI line was placed at 62.4 points and that of the SMA line was placed near 73.06 points. Both the RSI line and SMA line were placed above the mean line suggesting a positive outlook in the short term.
Also, the FLOKI price has taken a rebound after retracing the 20-Day EMA suggesting that a positive trend is prevailing in the short term. If the price falls further, the key EMAs may act as a dynamic support level and could try to prevent the price from falling further.
Short Term Trend Analysis
The short-term trend outlook is on the neutral to bullish side as the FLOkI price hovers above the dynamic support of 20-Day EMA. Now, if the bulls are able to surpass the recent swing high, it may surge higher to reach higher levels of $0.00035 and $0.00040 levels.
Conclusion.
The FLOKI price took a rebound from the 20-Day EMAs and jumped higher on Wednesday. The bulls intend to retain control as the price is trading nearly 5.78% higher today.
The volume inflow is rising in the last couple of sessions. The technical indicators imply a neutral to bullish outlook in the short term.
Technical levels:
- Support Levels: $0.00017 and $0.00011
- Resistance Levels: $0.00030 and $0.00035.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Keyword: FLOKI Price.
Sam Chess is an utterly focused person looking for the minute details having potential to make a big difference. He is a writer and proofreader with a zeal to understand the cryptocurrency market. Additionally, he can be found trying to figure out the biggest mystery in the industry, Satoshi Nakamoto.
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