FLOKI Price Rally May Stall as On-Chain Data Hints Major Unstaking

Over the last two weeks, the meme cryptocurrency sector has been outperforming the broader recovery trend of the market. The top assets like Dogecoin, Shiba Inu, Floki Pepe coin, Bonk and have witnessed triple-digit gains in this short but intensified upsurge. Will the Bitcoin price potential breakout from the $70000 barrier bolster this recovery further or is it time for a fresh correction?

Also Read: Solama Meme Coin: Why is Solama Price Pumping by 1800%?

FLOKI’s Rally Meets Resistance: Potential Pullback Ahead of Times Square Exposure

FLOKI, known as Floki Inu, is a cryptocurrency that combines the appeal of meme culture with utility in the blockchain space. This token has recently gathered the attention of investors with an aggressive rally which uplifted its trading value from $0.0000345 to $0.000236 within two weeks and registered 700% growth. 

Amidst the ongoing enthusiasm for meme cryptocurrencies, Floki Inu’s value received an extra lift from its bold marketing campaign in New York City’s Times Square. The campaign, starting on March 15, is set to run for three months, placing FLOKI in the limelight at one of the most prestigious advertising arenas globally. This strategic move underscores Floki Inu’s efforts to carve out a prominent space for itself within the competitive crypto landscape.

However, the aggressive hit a major roadblock at $0.000218, evidenced by a long-wick rejection candle in the daily chart. This reversal reflects the profit booking from traders and a potential for a minor pullback for buyers to regain strength.

Also Read: Shiba Inu vs Pepe Coin: Where Should You Invest?

$FLOKI Faces Volatility as Whales Unstake $7.14M

The on-chain data platform Lookonchain reported a 75% increase in the price of $FLOKI today, noting that whales have unstaked 30 billion tokens worth approximately $7.14 million in the past six hours of its tweet. The sell-off by these large holders likely contributed to the price volatility. Transaction details are traceable via the provided Ethereum blockchain addresses.

The price of $FLOKI increased by ~75% today!

We noticed that whales started unstaking $FLOKI and selling for profits!

6 wallets have unstaked 30B $FLOKI($7.14M) in the past 6 hours and are selling $FLOKI.

Address:https://t.co/llvmSsLbt7https://t.co/us2zSxajOH… pic.twitter.com/yno9dtvxya

— Lookonchain (@lookonchain) March 8, 2024

Thus, the potential pullback in Floki price may find suitable support at $0.00022, $0.000185, and $0.000156, coinciding with the Fibonacci retracement level, 23.6%, 38.2%, and 50% respectively.

• Average Directional Index: The upward movement of the daily ADX beyond the 52% mark indicates that the current buying momentum might be nearing a point of saturation
• Exponential Moving Average: The fast-moving 20-and-50-day EMA slope may act as key pullback support for crypto buyers.