Floki Inu (FLOKI), the dog-themed memecoin, has been making significant strides in the cryptocurrency market, with its price surging over 15% in the last 24 hours and crossing the key resistance level of $0.0001790.
TLDR
- FLOKI has seen a price surge of over 10% intraday, crossing the key resistance level of $0.0001790.
- The Floki DAO has proposed burning 15 billion FLOKI tokens, worth $2.8 million, which has contributed to the bullish sentiment.
- Technical analysis shows strong bullish indicators for FLOKI, with 15 out of 26 indicators signaling a buy call.
- Binance Thailand has listed FLOKI, providing exposure to the largest Web3 community and contributing to the price surge.
- Thailand ranks 10th on the 2023 Global Cryptocurrency Adoption Index, with 12% of its population using crypto for daily transactions.
One of the primary factors contributing to the bullish sentiment surrounding FLOKI is the recent proposal by the Floki DAO to burn 15 billion tokens, worth approximately $2.8 million.
This strategic move is expected to reduce the overall supply of FLOKI, potentially driving up its value in the long run.
The proposal has been well-received by the community, with many investors viewing it as a positive step towards the long-term growth and sustainability of the project.
NEW DAO PROPOSAL: BURN 15,246,000,000 $FLOKI TOKENS
A new Floki DAO proposal just went live on whether or not to burn 15,246,000,000 $FLOKI tokens.
Please read the proposal and vote here ????????????https://t.co/UVzQdYQUpu pic.twitter.com/j1mi6XrVZ0
— FLOKI (@RealFlokiInu) May 13, 2024
FLOKI has also benefited from a recent listing on Binance Thailand. This listing provides exposure to the largest Web3 community and is expected to significantly increase the adoption and usage of FLOKI in the region.
Thailand has emerged as a leader in cryptocurrency adoption, with 12% of its population using crypto for daily transactions. The country ranks 10th on the 2023 Global Cryptocurrency Adoption Index, highlighting its importance in the global crypto ecosystem.
Binance Thailand has just listed $FLOKI! ????
Thailand, where #Floki enjoys immense popularity, boasts a significant crypto adoption rate. Approximately 12% of the population, or nearly 10 million people, own crypto in Thailand. This places Thailand 10th in Chainanalysis' '2023… pic.twitter.com/rsEnxHcgW8
— FLOKI (@RealFlokiInu) May 14, 2024
From a technical perspective, FLOKI appears to be well-positioned for a potential breakout. Out of 26 technical indicators analyzed, 15 are signaling a buy call, while only one suggests a sell signal.
The remaining 10 indicators are neutral, indicating that the overall sentiment is skewed towards the bullish side. The trading volume has also displayed significant buying activity, spiking over 265.10% to $626.15 million in the last 24 hours.
Another positive sign for FLOKI is the smart recovery in weighted sentiment data, which suggests that demand for the cryptocurrency has increased across the market.
Price volatility has risen over 22% to 0.051, indicating heightened investor speculation and the potential for an upcoming bullish wave.
The futures open interest data also paints a bullish picture, with fresh long buildup by investors leading to a 52.38% surge to $17.16 million in the last 24 hours. The GIOM indicator reveals that around 84% of in-the-money holders at the current price level are in profit, while only 15% are looking to secure their gains, further confirming the uptrend ahead.
As FLOKI continues to gain traction and attract investor interest, it is crucial to keep an eye on the key support and resistance levels.
The immediate support levels for FLOKI are $0.0001950 and $0.0001870, while the key upside hurdle is around $0.0002120, followed by $0.0002230.
If FLOKI manages to break through these resistance levels, it could signal the beginning of a new bull run for the memecoin.
