The sinking meme-coin boat was lifted by the same rising tide that managed to flip the fortunes of the large-cap boats. While the cumulative worth of all the crypto assets was up by 9.95% to $1.9 trillion, the aggregate meme token capitalization reflected a value of $32.56 billion, up by 7.66% over the past 24-hours.
Top meme-tokens like Dogecoin, Shiba Inu, and Dogelon Mars had appreciated by 5%-9% on Tuesday, but Floki Inu managed to register a close-to 20% incline. With a market cap of $336.79 million, FLOKI was seen exchanging hands at $0.00003624 at the time of press.
What’s next: One step up or two steps down?
As highlighted in one of our recent analyses, Floki Inu had been trading within a descending channel since mid-November last year. Despite attempting to break out of the said setup several times, the token was unable to do so.
Things, however, changed during this weekend with Floki Inu finally freeing itself from the multi-month downtrend phase. A bullish close above the upper trendline of the channel on Monday confirmed the same.
Despite the prevalent optimistic sentiment, it should be noted that FLOKI might not be able to fetch HODLers beyond 36% returns for now.
For more than a fortnight the token’s price was hindered around the $0.0049 mark. The same level, along with the 50 day MA [red], can play spoilsport and restrict HODLers’ gains going forward.
At this point, the FLOKI market is also deficient in momentum. The RSI reading at the time of press reflected an under-nourished value of 35.56. So, for the 36% incline to materialize, bulls would have to work harder. Else, on the downside, Floki Inu would be greeted by its end-of-January low of $0.00001400. The same would mean a 63% decline from the current levels.