FLOKI Volume Skyrockets 780%: With a 6% Spike in Value, Can It Cross $0.000080 Soon?

• FLOKI breaks above $0.000073 after a 6% gain.
• 24-hour trading volume jumps by a massive 780%.

A 3.16% bearish push in the cryptocurrency market has made the majority of the assets light up the red candlesticks. Losing momentum back to back seems to give a big negative signal. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are going with the red flow, trading at around $108K and $3.8K. 

Notably, the meme coin market cap is currently positioned at $62 billion. Among them, FLOKI has registered a solid jump of over 6.26%. The meme coin opened the day trading at its bottom range of $0.00006812, and gradually with the bullish shift, the price has taken the high road to the $0.00008831 level.

The CoinMarketCap data reports that at the time of writing, FLOKI trades at around $0.00007395, with a market cap of $704.54 million. Besides, the daily trading volume of the meme coin has exploded by over 780.27%, reaching the $661.83 million mark. Also, the FLOKI market has seen a 24-hour liquidation of $1.16 million. 

Will FLOKI Maintain Its Upward Trajectory?

FLOKI’s technical analysis exhibits that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line. It indicates a bullish signal, with the momentum shifting upward, and the asset’s price may continue to move up. 

In addition, the Chaikin Money Flow (CMF) indicator of the meme coin is found at -0.14, suggesting mild selling pressure in the market. The negative value shows that the capital is flowing out of the asset. It gives a bearish bias, but not strongly, with weak distribution. 

The active positive momentum might make the FLOKI price to climb higher and test its $0.00007403 resistance. If the upside correction continues, the meme coin could trigger the golden cross to take place, pushing the price to the $0.00007411 range or even higher. 

Assuming the meme coin’s bearish outlook pops up, the price could slip and find the support at around $0.00007387. Further correction on the downside might initiate the emergence of the death cross, and send the FLOKI price below the $0.00007379 mark.

Moreover, the meme coin’s daily Relative Strength Index (RSI) resting at 53.69 hints at a neutral condition, neither overbought nor oversold. A slight bullish tilt is present as it is above 50. FLOKI’s Bull Bear Power (BBP) reading of 0.00000199 points out a weak bullish momentum. The price could move either way, and there is no strong trend right now, only a slight bullish tone.

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