The price of FLOKI surged by up to 8% today, hitting $0.0001418, while the cryptocurrency market gained 5% over the previous day.
Although the well-known meme token based on Ethereum and BNB has increased by an astounding 310% in a year, FLOKI has suddenly decreased by 26% in a week and by 21% in a month.
The market as a whole is getting ready for the potential of a post-Bitcoin halving rally, which presents an excellent opportunity for a large rebound in the near future.
And since FLOKI is currently outperforming more well-known meme coins like DOGE and SHIB, it may continue to climb the market ranks for the rest of the year.
Given that FLOKI had struggled for the most of the previous week, the coin was primed for a rebound when it saw its current surge.
After plunging down to thirty in the early hours of the morning, its relative strength index (purple) has surged to sixty in the last few hours.
Given that it had been significantly below the 200-day (blue) for a considerable amount of time, its 30-day average (orange) has started to rise somewhat. This ascent should continue for a few more days at least.
This indicates that FLOKI's price is rising as its resistance (red) and support (green) levels are converging, a development that could portend a significant break (either way).
The coin's chart has an intriguing aspect: even with today's increase, its volume, which is $150 million, is still somewhat lower.
Contrasting with the high levels it experienced in the early part of March—between $1 billion and $2 billion—this indicates that actual demand for the coin hasn't yet returned.
A significant contributing factor in this is that whales haven't actually returned to FLOKI since they dumped their bags there in early March (as previously mentioned), suggesting that FLOKI's price may increase considerably more when they do.
If the market turns more optimistic in the upcoming weeks, the coin will also gain because tomorrow's Bitcoin halving could bolster the belief that BTC is scarce.
Naturally, as miners feel the squeeze of having their revenue reduced by half, we might see additional selling, but the long-term trend ought to be upward.
As a result, the price of FLOKI might touch $0.00020 in the upcoming weeks and $0.00030 by the summer.
Updated Meme Tokens For Gains That Beat the Market
Although FLOKI appears to have a few more rallies ahead of it, there are now other intriguing meme tokens available on the market.
A number of new coins have also just surfaced; some are still in their presales and are generating a lot of traction and support in preparation for listing.
Given that Slothana is starting at a time when investor demand for meme currencies based on Solana is still high, this excellent signal indicates that the market is placing a significant stake on the project.
As seen by the fact that its official X account currently has over 21,000 followers, the coin is clearly establishing a sizable community.
A meme coin needs a strong sense of community to succeed and see steady growth, so it's encouraging that Slothana has reached this level of support even before its launch.
Latecomers can still sign up at the Slothana website, where they can buy SLOTH at a rate of 1 SOL for 10,000 SLOTH, even if the promotion is about to expire.
April 2024, Cryptoniteuae