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The FLOKI price surged more than 48% over the past 24 hours to trade at $0.000183 as of 2:20 a.m. EST as investors go long on the meme coin.
The FLOKI Price Breaks Resistance
4-hour chart for FLOKI/USDT (Source: TradingView)
The FLOKI price was able to break above the resistance level at $0.00016318 and is currently attempting to flip the level into support. This is after it printed a series of higher highs and higher lows on its 4-hour chart. Should it remain above this threshold within the next 12 hours, it may continue climbing in the short term.
This bullish thesis could be invalidated if the FLOKI price breaks below the $0.00016318 mark in the next 8 hours. In this alternative scenario, the meme coin may be exposed to the risk of falling to the closest support level at $0.00013075.
Before it can reach this point, it still has the lower boundary of the aforementioned price channel as a line of defense. However, breaking out below the channel may signal a bearish shift in the crypto’s momentum.
As such, the FLOKI price could plummet to as low as $0.00009650 in the following few days should it fall out of the channel.
The FLOKI Price May Keep Rising As Technicals Align
There is a lot of technical strength present on FLOKI’s 4-hour chart, suggesting the crypto’s price may keep rising in the coming 48 hours. The Moving Average Convergence Divergence (MACD) line recently crossed above the MACD Signal line. This specific technical occurrence is generally seen as a sign that a crypto has entered into a bullish cycle. With the MACD line breaking away above the MACD Signal line, the positive trend also seems to be growing stronger.
Buyers have the upper hand on FLOKI’s 4-hour chart as well, as the Relative Strength Index (RSI) line is breaking away above its Simple Moving Average (SMA) line. Similar to the MACD and MACD Signal lines, the RSI is breaking away above the SMA line. This suggests that bulls are growing stronger as well.
Traders and investors will want to note that the RSI is around 69, which shows that FLOKI is overbought. Although this is normally seen as a sell signal, it is also not unusual for the RSI to remain this high for sustained periods of time when a crypto is pumping.
As impressive as FLOKI’s 24-hour gain is, it was overshadowed by the over 52% gain SPONGE printed during the same period.
A History Of Whopping Gains
SPONGE defied the odds when it posted 100x growth during the 2023 bear market, pushing its market cap to a peak of $100 million and rewarding early investors handsomely.
The team behind the meme coin have now decided to give investors who missed out on the substantial gains recorded by SPONGE last year a second opportunity, with the launch of Sponge V2.
🐸 $PEPE shhhh🤫, $SPONGE is speaking now 🧽#100x #AltGem #BullMarket #Crypto pic.twitter.com/vLkBgGwnS5
— $SPONGE (@spongeoneth) March 7, 2024
To increase the chances of a repeat of its prior success, the SPONGE team has introduced several new elements and features to the project’s ecosystem. Most notably is the migration from the Ethereum blockchain to the more scalable and cost-efficient Polygon network.
There is also a play-to-earn racer game, which will come in both a paid and a free version. This brings a level of utility into the meme coin’s ecosystem, as the paid version will require players to top up their in-game credits with SPONGE. Players also stand the chance to earn rewards that are paid in the crypto.
Investors Anticipating Explosive Growth
More than $29.6 million has been staked and bridged on SPONGE’s official website, serving as a strong indication of how confident investors are in the potential for SPONGE’s price to skyrocket soon.
SPONGE can be bought using either USDT or ETH. Once purchased, the tokens can be staked for the 180% rewards being offered via the project’s taking program.
If you are interested, buy soon because there are rumors the token will list on multiple top-tier exchanges imminently.
SPONGE can be purchased here.
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