Floki’s 15% Rally Potential: What Needs to Happen

Floki Inu is showing signs of a comeback after a downward trend. A bullish pattern has formed, sparking hopes of a 15% rally. As of December 24, 2024, FLOKI, alongside Cardano [ADA], Ripple [XRP], and Shiba Inu (SHIB), has started to recover. But what needs to happen for this rally to take off?

Rising Interest and Market Sentiment

FLOKI’s price recovery is paired with rising open interest. Coinglass, a leading on-chain analytics firm, reported a 14% increase in FLOKI’s Open Interest (OI) over the last 24 hours. This shows growing interest from both traders and long-term holders.

Liquidation levels are now at $0.000158 on the lower side and $0.000186 on the upper side. A price increase to $0.000186 could trigger the liquidation of $165.35K in short positions. 

A decline to $0.000158 might result in $364.17K worth of long positions being liquidated. Current sentiment suggests bulls are in charge, potentially paving the way for a rally.

FLOKI’s Technical Levels and Outlook

FLOKI has recently formed a bullish morning star candlestick pattern at the key support of $0.00016. This pattern is supported by the 200 Exponential Moving Average (EMA) on the daily chart. However, resistance at $0.000175 is standing in the way of further gains.

If FLOKI can break through the $0.000175 resistance, a 15% rally to $0.00021 could be on the horizon. For the bullish outlook to hold, FLOKI must close a daily candle above $0.000175. Without this, the rally might not happen.

FLOKI’s potential 15% rally depends on breaking through resistance at $0.000175. With rising interest and a bullish pattern forming, the coin could continue upward if market sentiment holds strong.