FLOKI Soars Over 15%, Only 15% Away From All-Time Highs Ahead of Coinbase Futures Listing

FLOKI Soars Over 15%, Only 15% Away From All-Time Highs Ahead of Coinbase Futures Listing

The popular meme crypto  FLOKI has surged over 15% in the last 24 hours to reach $0.0003, fueled by anticipation of its perpetual futures contracts being listed on Coinbase. At its current price, FLOKI is now just 15% away from its all-time high.

In the past seven days, FLOKI has rallied by 42%, while over the last thirty days, it has soared by 73%. The dog-themed crypto's market cap now stands at $2.91 billion, which puts it in the 44th position among all crypto assets. Impressively, the volume has surged by 86% in the last 24 hours to record $1.3 billion.

FLOKI Price Chart: Coinmarketcap
FLOKI Price Chart: Coinmarketcap

What’s Behind The Rally?

The catalyst behind FLOKI's surge is the scheduled launch of FLOKI/USDT perpetual futures trading on the Coinbase International Exchange and Coinbase Advanced crypto platforms, which will begin on May 30, 2024.

In a post on the social media platform X, Coinbase announced the listing of perpetual futures contracts for FLOKI, Shiba Inu (SHIB), and Bonk (BONK). This move by the crypto exchange giant signifies its strategic effort to provide a diverse trading experience for crypto enthusiasts and investors, particularly in the realm of meme coins.

Market analysts predict that the Coinbase listing will trigger a massive upside momentum for FLOKI, similar to the rallies witnessed by other meme coins like Dogecoin, Pepe Coin, and dogwifhat after being listed on Coinbase's platforms.

FLOKI To Hit A Fresh All-Time High Soon?

FLOKI's price chart reveals a highly bullish setup, with the crypto asset recently breaking out of not one, but two bullish continuation patterns – a symmetrical triangle and a bullish flag that formed inside the symmetrical triangle.

FLOKIUSD Price Chart: TradingView
FLOKIUSD Price Chart: TradingView

After being trapped within these patterns for over a month following an initial high of $0.000315 in early March, FLOKI's price corrected by a substantial 63%, finding double support and creating a low of $0.000114.

The recent price surge has seen FLOKI surpass key resistance levels at $0.000221, $0.000268, and $0.000315, as shown in our previous FLOKI analysis, which have now flipped to support zones. Our previous Technical analysis suggests that FLOKI could surge by 139% to reach a new all-time high of $0.000347, mirroring the height of the symmetrical triangle pattern.

Key metrics and technical indicators support this bullish outlook. The increasing FLOKI Long-Short Ratio, which measures the amount of security available for short selling versus the amount actually borrowed and sold, indicates positive investor expectations and bullish momentum.

FLOKI Long/Short Ratio: Coinglass
FLOKI Long/Short Ratio: Coinglass

Also, the Daily Relative Strength Index (RSI) reading of 78 in the chart above suggests that buyer momentum has been building up recently. However, a retracement may be due soon to ease the overbought conditions.

The Moving Average Convergence Divergence (MACD) indicator is also strongly positive, with the MACD line diverging further from the signal line, implying increasing upside momentum. The positive MACD Histogram further reinforces this bullish signal.

FLOKI To Rally?

As the Coinbase listing of FLOKI perpetual futures approaches, we are anticipating a potential rally to the price surges for FLOKI witnessed by other meme coins like the PEPE following their Coinbase listings

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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