FLOKI Price Hits Monthly High, Triggers Profit Taking

3 months ago 40

Floki’s price is noting a rise propelled by the broader market cues, and Bitcoin’s price is crossing the $68,000 mark this week.

However, this rise could cause some trouble as the investors move to secure their profits from the recent increase.

Floki Investors Move to Sell

Floki’s price could bear the brunt of the rising lack of confidence among investors. The network is experiencing a surge in realized profits, indicating that FLOKI holders are selling their holdings. This trend suggests that many investors are taking advantage of the current price levels to secure gains.

Despite this selling activity, the Chaikin Money Flow (CMF) for FLOKI shows that inflows remain strong. This is a positive sign, as it indicates that new capital is still entering the market.

The robust inflows, as indicated by the CMF, suggest that there is still significant interest in FLOKI. This continued investment can help support the price even as some holders choose to sell.

Overall, while the surge in realized profits points to selling pressure, the strong inflows reflected in the CMF indicate a balanced and healthy market for FLOKI. Investors should consider both these factors when evaluating the asset’s potential.

Read More: What Are Meme Coins?

FLOKI Price Prediction: Under Key Resistance

Floki’s price at $0.0001988 is still under the critical resistance of $0.0002185. While the recent rally is supporting a further increase in price, the meme coin would need stronger cues to make it happen.

Given the aforementioned factors, the chances of a break through seem rather difficult. As a result FLOKI could end up remaining consolidated above $0.0001856.

But if the resistance is flipped into support, the rally would continue sending the meme coin toward $0.0002400. This would also invalidate the bearish-neutral thesis.

The post FLOKI Price Hits Monthly High, Triggers Profit Taking appeared first on BeInCrypto.

Read Entire Article