- The price of FLOKI has risen significantly over the past week as interest in the token grows.
- Network growth declined, indicating declining interest from new users.
Floki Eno [FLOKI] It was one of the meme currencies that had been competing for the top spot for some time.
FLOKI dominates the market
Despite FLOKI’s attempts to grow, new and popular entrants continued to take market share from the FLOKI token. However, the tides have turned for FLOKI over the past week.
According to CoinMarketCap data, FLOKI has seen a 21.75% price rise over the past seven days. It was the third highest cryptocurrency whose value rose a lot during this period.
Source: CoinMarketCap
Since the beginning of May, FLOKI’s price action has been largely positive. It has shown multiple signals of higher highs and higher lows, indicating an upcoming uptrend.
If FLOKI can test the $0.00023076 levels again, it may break above the resistance and aim to reach the $0.00023076 level again. $0.00025780 level in the future.
Despite the rise in FLOKI price, the CMF (Chaikin Money Flow) of the FLOKI token dropped significantly to -0.12 levels. This indicates that funds flowing into FLOKI have decreased significantly.
The Relative Strength Index (RSI) for FLOKI has also dropped materially, meaning that the bullish momentum around the token has taken a hit.
Source: Trading Offer
Despite the significant rise in prices, it was observed that long positions were mostly liquidated. This can be attributed to traders making high leverage bets on FLOKI.
Source: Coinglas
As a result, trader sentiment turned negative. According to Coinglass data, the number of short positions taken against FLOKI has increased in the past few days.
This indicates that there is a rise in bearish sentiment, and traders were anticipating a decline in the price of FLOKI.
Source: Coins
Despite the increase in the price of FLOKI, the growth of the network has decreased significantly, which indicates a decrease in the number of new addresses using FLOKI.
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The lack of interest in new addresses suggests that the recent surge in FLOKI prices was due to current holders accumulating new coins.
Although this may help the price in the short term, new addresses may be needed for sustainable growth in the long term.
Source: Santiment
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