Floki Inu has been encapsulated within a descending channel on its price chart since November last year. During the initial phase, it did slip below the lower trendline of the said set up a couple of times. Even though it managed to pick its pieces on both occasions, it kept making lower lows on its chart.
Things might, however, change going forward. Taking advantage of the broader market sentiment, FLOKI fetched its investors more than 11% returns over the past day. In fact, the token has already started attempting to break above the upper trendline of its descending channel.
Bulls will, however, have to put in more work, for Floki Inu was outrightly rejected a day back. Nevertheless, the gains over the past few hours and the green candle in the making were enough to stir in optimism within the community.
Floki Inu starts trending again!
Top Binance Smart Chain wallets were pouncing on this token quite recently. Just a day back, Floki Inu found a way for itself into the wallets of the largest 1000 BSC whales and managed to emerge as the top purchased token by the said category of participants.
Parallelly, FLOKI has been faring well on, both, the social and the fundamental fronts. #FLOKI has been trending on Twitter for over a day now, indicating the stewing interest of people from the community.
Additionally, the project’s development activity has been going on at a good pace. Its transition to a DAO is right on track, with the Nottingham upgrade already completed. Also, the project developers have been keenly working on Floki Inu’s upcoming NFT Metaverse game, Valhalla. The official Twitter handle of Floki Inu gave a sneak peek of the game’s battle arena and highlighted that the User Interface and Textures were still being worked upon.
The positive development activity, single-handedly, has the potential to shield the token’s long-term prospects and change the uptrend narrative from ‘if’ to ‘when’.
As far as the short term is concerned, if the social volume manages to translate into buying volume over the next few hours, Floki Inu would be able to sneak above the channel’s upper trendline and embark on an uptrend. If it fails to do so, then bears would, yet again, gain command and start knocking down the asset’s price.