Floki Inu (FLOKI) has been making headlines with its recent surge, attracting both retail and institutional investors. The altcoin's price has steadily climbed, reaching $0.0001504 at press time, a 6.62% increase in the past 24 hours. The 24-hour volume has also surged by 19.81%, indicating growing trader activity.
However, despite this positive momentum, FLOKI faces a significant challenge at the $0.00017480 resistance level. Can it break through this barrier and continue its upward trajectory, or will it retreat like it has in previous attempts?
Rising Daily Active Addresses but Lack of Significant Engagement
While FLOKI's daily active addresses have shown a slight increase, from 3,560 to 3,653, this number still falls short of the peaks seen earlier in the year. This indicates that more retail participation is needed to sustain a substantial price movement.
Short Squeeze Potential
Over the past 24 hours, FLOKI has seen $48.28k in short liquidations compared to $18.21k in long liquidations. This suggests that bearish traders may be forced to cover their positions, potentially adding upward pressure to the price. If FLOKI breaks through the resistance level, a short squeeze could further fuel its rally.
Conclusion
FLOKI's future hinges on its ability to break through the $0.00017480 resistance. While rising volumes and increasing short liquidations offer optimism, the lack of significant daily engagement raises concerns. If traders can maintain buying pressure, FLOKI may be poised for further growth.
October 2024, Cryptoniteuae