Floki Price Skyrockets Over 50% in A Week, Here’s Why
Release: 2024/07/21 04:03 Reading: 786
Floki Price Surge: A Bullish Divergence and Market Analysis
In the past week, the dog-themed cryptocurrency Floki (FLOKI) has experienced a significant surge, jumping by 50% from its weekly low of $0.000139 to $0.00021. This optimism has been driven by several factors, including its recent spot listing, marketing initiatives, and the WazirX hack.
Hidden Bullish Divergence Indicates Potential Surge
Crypto analyst Javon Marks has identified the formation of a Hidden Bullish Divergence for FLOKI, which suggests a potential large price increase. According to Marks' analysis, this divergence implies a possible rise of about 81%, to a price of $0.00034888.
Marks also highlighted that a breach of the critical resistance level at $0.0002761498 could further boost the price, with a potential surge to $0.00054673, representing an additional 54% increase from the first target.
Market Position and Trading Activity
Floki has emerged as the most valuable play-to-earn (P2E) cryptocurrency by market capitalization, surpassing other major players such as Axie Infinity and The Sandbox. This was showcased during a recent Binance Live AMA session where Floki unveiled a glimpse of its Valhalla game, which attracted 33,000 attendees and strengthened the token's market position.
Furthermore, trading volume and open interest have contributed to FLOKI's upward momentum. Derivatives trading volume has risen by 54.36% to $173.24 million, indicating increased interest and potential for volatility. Open interest has also grown by 21.46% to $26.74 million, reflecting increased trader participation and a bullish market sentiment.
WazirX Hack Impact and Recovery
The recent hack of the Indian crypto exchange WazirX, which resulted in the loss of over $230 million, initially raised concerns for FLOKI. However, the market has absorbed the sell-off, demonstrating FLOKI's liquidity and resilience. The hacker has liquidated all acquired FLOKI tokens, mitigating any further price impact.
Floki's team is collaborating with WazirX to address the incident's effects on holders and minimize impact. The swift response and ongoing support have helped stabilize the token's market position.
New Exchange Listings and Marketing Initiatives
FLOKI's market presence has been significantly expanded by new exchange listings. Its integration as a spot listing on Kraken allows users to purchase the token with EUR and USD, enhancing its accessibility.
Kraken's reputation as one of the largest and most trusted US-based exchanges, with over 10 million users, provides a significant boost for FLOKI.
Moreover, Floki's marketing initiatives, including sponsoring the Women's Asia Cup Cricket 2024, aim to promote its Play-to-Earn MMORPG game, Valhalla. This partnership is expected to reach a wide audience, increasing FLOKI's visibility and adoption.
Floki Price Trend
Despite price volatility, FLOKI has recovered in the past 24 hours, supported by strong buying at the intra-day low of $0.000184. At press time, FLOKI trades at $0.0002044, marking an 8% rise from the day's low.
The surge in market capitalization and 24-hour trading volume by 8% and 25.87% to $2 billion and $350,303,640, respectively, indicates growing investor confidence and anticipation of further gains.
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