The crypto market is pushing for a sustained recovery with some coins facing sustained gains while others continue to plunge. The leading cryptocurrencies such as Bitcoin and Ethereum are currently trading at $118,300 and $3,430 respectively. Nevertheless, the memecoin market has become a hotbed as a number of meme coins experience massive gains.
Amongst these meme coins, FLOKI is making headlines with a 32% surge over the last 24 hours. The dog-themed memecoin is currently ranking on position 3 on the trending cryptocurrencies of the day, coming in after Ethereum (ETH) and XRP.
FLOKI Surges 32%: What’s Fueling the Rally?
As of the time of writing, the price of FLOKI stands at $0.0001332 according to data by CoinMarketCap. The present price reflects a 32.72% pump over the last 24 hours. This memecoin has increased in value from a low of $0.0001001 within this period.
Besides the price, the memecoin’s trading volume has also surged over the same period. FLOKI’s trading volume has increased by a massive 450.54% to $810.85 million over the last 24 hours. Such a surge in trading volume signals increased market activity as FLOKI enters the radar of market players.
Additionally, the memecoin’s market cap has surged to $1.27 billion. FLOKI now ranks on position #72 based on market capitalization and position #9 on the memecoin list.
FLOKI’s impressive price rally is majorly fueled by optimism for a speculated listing. As shared in a post on X on July 16, analyst @FlokiArmyKing hinted at a potential FLOKI listing on Robinhood.
“FLOKI is blasting off…the anticipation for @RobinhoodApp listing is building! The American people are ready, and $FLOKI is coming for the mainstream! Let’s make it happen,” the analyst wrote.
While Robinhood has not confirmed a potential FLOKI listing yet, the speculations have been enough to fuel investor optimism. Furthermore, this speculation comes just a few days after as U.S based payment and trading app, Webull Pay, listed the memecoin. The listing was confirmed on July 9.
Analysts Eye Continued Bullish Momentum
After the current FLOKI price performance, the dog-themed memecoin has attracted the interests of investors and analysts alike. Crypto analyst Javon Marks, for example, predicts that the memecoin is poised to experience a parabolic rally following the recent price breakout.
According to him, FLOKI could pump over 100% towards $0.00027. His analysis stems from the recent breakout from a falling wedge pattern. The falling wedge pattern is a bearish technical formation and a breakout above the upper trend line confirms a trend reversal.
“$FLOKI (Floki Inu) surges after recently breaking out of a Falling Wedge pattern and these prices can still be set for a return to the $0.00027 areas in another nearly +100% upside!” Javon posted.
Besides Javon, crypto analyst CW, also shared a bullish prediction for FLOKI. However, CW believes that the memecoin must first clear crucial resistance levels for further upside momentum towards $0.00028 to occur.
As per his analysis, FLOKI is facing strong sell-wall resistance at $0.000143. The other sell-wall resistance lies around $0.00028.
A breach of these levels would send FLOKI mooning as shared by CW. “If they break through, there will be no more resistance. The real bull market will begin,” he remarked.
Nonetheless, despite the bullish outlook, the memecoin could face a correction any time. Investors and traders must keep an eye on FLOKI’s price action moving forward to determine whether the price will continue to pump or correct.
