Floki Price Soars Over 50% in Just a Week – Here’s What’s Fueling the Surge

Over the previous week, the cryptocurrency Floki (FLOKI), which is associated with dogs, has experienced a significant increase, rising by 50% from its lowest value of $0.000139 to $0.00021 before encountering some opposition. The recent spot listing of FLOKI, notable marketing modifications, and the WazirX hack have bolstered this optimism.

Analysis of Bullish Divergence in the Market

Cryptocurrency analyst Javon Marks has identified the presence of a hidden bullish divergence in FLOKI, indicating a significant rise in price. According to Marks's study, this difference indicates a potential rise of almost 81%, resulting in a price of $0.00034888.

Divergence is characterized by higher highs in the chart and lower highs in the indicator, suggesting a potential upward trend continuation. Marks also said that surpassing the crucial resistance level at $0.0002761498 might lead to more gains, potentially pushing the price to $0.00054673. This would represent a further increase of 54% from the first aim, as per Coingape.

Furthermore, the rise of Dogecoin (DOGE) in the past has sparked periods of increased popularity for meme-based cryptocurrencies, a beneficial trend for FLOKI and Shiba Inu (SHIB). The price of FLOKI has typically mirrored that of DOGE, but it has frequently surpassed it during periods of market growth.

The market position and trading activity of Floki

Floki has surpassed leading players, including Axie Infinity, The Sandbox, Decentraland, and Gala, to become market capitalization's most valued play-to-earn (P2E) cryptocurrency. During a recent Binance Live AMA session, Floki previewed its Valhalla game. The event garnered a crowd of 33,000 individuals and was deemed successful, bolstering the token's standing in the market.

Furthermore, the trading volume and open interest have contributed to FLOKI's increasing trend. The derivatives trading volume increased by 54.36% to reach $173.24 million, suggesting a heightened level of interest and potential for market instability. The open interest surged by 21.46% to reach $26.74 million as more traders entered the market, suggesting a bullish market sentiment.

The recent breach of the Indian cryptocurrency exchange WazirX, resulting in a total loss of over $230 million, including $4.7 million worth of FLOKI tokens, initially raised significant concerns. Nevertheless, the market successfully assimilated the sell-off, showcasing FLOKI's liquidity and resiliency. The hacker has sold off all the FLOKI tokens obtained and so no longer has the ability to impact the token price.

Floki's team is partnering with WazirX to mitigate the event's consequences on FLOKI holders and guarantee minimal disruption. The prompt and ongoing assistance have contributed to stabilizing the token's market position.

Upcoming additions to the exchange and promotional strategies

FLOKI's market presence has significantly increased due to the addition of new listings on exchanges. By including FLOKI as a spot listing on Kraken, customers can now purchase the token using EUR and USD, hence increasing the token's versatility.

This is a positive development for FLOKI as Kraken, a highly respected exchange in the United States, has over 10 million users.

Floki's marketing tactics, such as sponsoring the Women's Asia Cup Cricket 2024, are designed to promote their Play-to-Earn MMORPG game, Valhalla. This collaboration is expected to draw a substantial audience, therefore enhancing FLOKI's prominence and acceptance in the market.

Floki Price Trend

Within the past 24 hours, despite a conflict between bullish and bearish forces, the price of FLOKI has successfully rebounded. The price experienced a significant increase after finding support at the lowest point of the day, valued at $0.000184. Currently, FLOKI is being traded for $0.0002044, which represents an increase of 8% from the lowest price of the day.

At the rally, FLOKI experienced a significant increase in its market capitalization and 24-hour trading volume, rising by 8% and 25.87%, respectively, reaching $2 billion and $350,303,640. The spike indicates growing investor confidence as traders expect further profits.

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