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The FLOKI price jumped by 8% in the last 24 hours and 109% in the past week to trade at $0.0002888 as of 12:30 a.m. EST even as trading plunged 30% to $1.07 billion.
FLOKI’s surge comes after it went live on DWF Labs Liquid Markets. The token also saw a FLOKI/FDUSD pair added to Binance on March 12, while its listing on Toobit Futures, a crypto exchange with over $9.5 billion in derivative trading volume in the last 24 hours, made it available to users in more than 100 countries.
#FLOKI is now live on DWF Labs Liquid Markets!
This allows institutional players to trade $FLOKI with size via OTC and strategically positions FLOKI to capitalize on the strong institutional interest it has been experiencing lately.
One step at a time, Floki draws closer to its… https://t.co/VU9kDzW3qg pic.twitter.com/NjTiBG4I6i
— FLOKI (@RealFlokiInu) March 12, 2024
FLOKI Price Prognosis
FLOKI’s recent price surge came in response to multiple listings on major platforms, but also as part of the wider crypto market rally led by Bitcoin. With that said, it is clear that the token has surged due to fundamental factors, rather than technical.
However, technical indicators are still highly important for traders and investors, as they can suggest what will happen once the hype recedes. When it comes to FLOKI, there are already signs that the token is likely to see a price correction in the near future, such as its Relative Strength Index (RSI) which shows that FLOKI has entered into the overbought zone.
For traders who consider technical indicators when making their decisions, this is a sign that the price might soon drop, as many might move to take profit. With that knowledge, traders are more likely to make such a move themselves, and in doing so, help push the token’s price down.
The token’s Bollinger bands also started seeing a slight narrowing, which is an early bearish signal which also suggests an upcoming correction.
Other experts seemingly have the same view of the matter, as can be seen on the chart above, which shows that the price was expected to surge, then see a correction, and then be followed by another surge.
If such a correction does arrive, it is likely that FLOKI price will drop to a support at $0.000275, or potentially break it and sink to $0.000270. In the last 24 hours, the token saw its strongest support level at $0.000265, although it is less likely that the price will sink so low, as traders will likely move in to buy the dip once one of the previously mentioned supports is reached.
Promising Alternative to FLOKI
While FLOKI is one of the most promising meme coins in the market, it is not the only opportunity that traders should consider. Another token that has attracted a lot of crypto enthusiasts is Sponge V2 (SPONGE).
When launched last year as Sponge (SPONGE), the token saw a massive 100x pump in a bear market. Now its development team has decided to make it even bigger and better by launching a V2. The original project was discontinued, but those who bought Sponge V1 have had their tokens bridged and staked, in order to receive additional rewards.
In fact, the amount of staked and bridged tokens right now sits at $31.7 million, and it continues to grow all the time. The token is selling for $0.003078, and it can be purchased with ETH or USDT. Meanwhile, its current price already sits 12,310% higher than when SPONGEV1 was launched, showing just how much the early investors got to profit.
Did you miss #SpongeV2 as well, anon? 🧽💦
Stake your $SPONGE today! 🚀#MemeCoin #Web3 #AltSeason #Crypto pic.twitter.com/1mkn5zjEvA
— $SPONGE (@spongeoneth) March 4, 2024
The team aims for even better performance from Sponge V2. With the token expected to list on more top-tier exchanges imminently, the time to buy before a price surge takes place is quickly running out.
Visit SPONGE here.
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