Meme coin Floki Inu (FLOKI has surpassed SHIB, PEPE and DOGE in trading volume. Meanwhile, FLOKI has been overbought. However, according to crypto analyst Victor Olanrewaju, a recovery to $0.000025 is likely in the medium term.
Floki Inu (FLOKI) has overtaken popular meme coin projects!
cryptokoin.comAs you follow from , Uptober has started to make itself felt. Before October started, many market participants believed that Floki (FLOKI) would perform well. Interestingly, the meme coin price has increased by 61.55% in the last 30 days. Thus, Floki Inu did not disappoint its investors. According to press time, the price of FLOKI stands at $0.000026. However, the increase in value did not just happen without fundamental improvements. In fact, one reason the token gained a lot of attention was because the FLOKI team announced that the token would offer more uses, including the ability to be staked.
As a result of the announcement, interest in FLOKI increased significantly. Additionally, tokens such as Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB) lagged behind FLOKI in terms of trading volume. According to FLOKI, the increase in interest was also reflected in daily spot trading. Thus, it helped the meme coin trading volume to record 200 million transactions.
FLOKI price performance
Moreover, FLOKI has not only surpassed other top meme coins in terms of trading volume. When it comes to price action, none of PEPE, SHIB or DOGE has come close to FLOKI. Based on price action, the 1-day FLOKI chart showed that strong buying pressure was present in the market. However, there is a possibility that the token price may reverse its upward trend. This is due to the momentum exhibited by the Relative Strength Index (RSI). As of press time, RSI was 79.84.
The indicator value is proof that the bulls are in control. However, it is also a sign that caution should be exercised as an RSI value above 70 indicates that a cryptocurrency is overbought. This was exactly the case with FLOKI. Because it is likely to see a pullback soon. Besides the RSI, there is also the possibility of widespread profit taking. If the holders decide to make a profit in the same period, it is possible for FLOKI to drop to $0.000020. However, if the meme coin holds support at $0.000017, a recovery to $0.000025 is likely to occur in the medium term.
Awsome Oscillator (AO) also reinforces the power that FLOKI currently displays. At the time of writing, AO was $0.0000044. This positive data means that the 5-period Moving Average (MA) is larger than the 34-period MA. Therefore, it is difficult to slow down FLOKI’s current momentum. If selling pressure topples the buying momentum, there may be changes in momentum. In this case, it will be difficult for meme coin FLOKI to stay above $0.000020.
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