Floki (FLOKI) Price Prediction: Can the Memecoin Finally Recover After a Long Period of Decline?

Memecoin Floki [FLOKI] noted a slight recovery over the past 24 hours, as the memecoin noted an interesting price movement. After kicking off the week at $0.00016, FLOKI fiyatı dropped to a low of $0.00014 on 21 March.

However, a close look at the memecoin’s price movements showed some signs of recovery. At the last check, FLOKI was trading at $0.000166, showcasing a 4.17% increment on daily charts.

This slight recovery was further accompanied by a surge in FLOKI’s trading volume. According to CoinGecko, the memecoin’s trading volume noted a 61.4% increase, with an amount of $231.7 million being recorded at the time.

With FLOKI noting some gains on the price front, this signaled a potential market reversal after a prolonged period of decline.

Floki noted a strong momentum to the upside, as buyers reentered the market, analysis by AMBCrypto revealed.

Observing this upward momentum closely, we can first observe the Floki making a bullish crossover on two fronts. A bullish crossover has occurred on the memecoin’s MACD, suggesting that the upward momentum is strengthening.

This is further confirmed by another crossover that took place on the Stoch RSI two days ago.

Looking further, Floki whales were active, as a spike in large transactions was observed. Over the past 24 hours, large transactions surged by 122%, extending a week-long of high whale activity.

With a higher trading volume and a bullish crossover, it seems whales are actively accumulating the memecoin.

Moreover, the NVT ratio with transaction volume dropped to a negative value, signaling a potential bottom. Historically, the NVT ratio at this level precedes a price rebound.

With a sustained drop, it suggests that the market has entered oversold territory, offering buyers an opportunity to reenter markets at lower prices.

Finally, Floki’s MVRV signaled a potential reversal to the upside. Over the past two days, MVRV rose to 2.5 after dropping to 2.2.

Historically, the memcoin’s MVRV signals a potential rebound after dropping below 2.5, as buyers reenter the market at lower prices, driving prices higher.

In conclusion, with the crypto market sentiments being positive, Floki indicates a potential rebound. The memecoin seems to have hit a local bottom, making a trend reversal very likely. If these sentiments hold, Floki could reclaim $0.00018. However, if sellers retake the market, the memecoin could dip to $0.00015.