FLOKI confirms bullish breakout – Is a 20% price surge coming?

• FLOKI’s Open Interest has increased by 8% in the last four hours, and by 18% in the last 24 hours.
• If FLOKI rises to $0.000165, approximately $1.08 million of short positions will be liquidated. 

Floki [FLOKI] the fifth-largest memecoin, has been making waves amidst the current bearish market sentiment due to its impressive performance and bullish price action pattern.

On the 28th of August, while the overall cryptocurrency market was down by 5.7%, FLOKI experienced a price surge of over 2.6%.

Bullish outlook for FLOKI

The recent price surge has created a bullish outlook for the FLOKI memecoin. Based on its price action, the coin has successfully retested the breakout of a bullish double-bottom pattern.

There is thus a high chance that FLOKI could soar by 20% to reach the $0.00019 level in the coming days.  

Source: TradingView

Additionally, FLOKI was trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating it was in an uptrend. 

With this successful breakout, investors’ and traders’ interest in the memecoin is gradually increasing.

According to the on-chain analytic firm Coinglass, FLOKI’s Open Interest has increased by 8% in the last four hours, and by 18% in the last 24 hours.

Meanwhile, over the last seven days, bull bets on the long side have been steadily increasing. With the recent price surge, nearly $1.08 million of short positions are at risk of liquidation.

FLOKI’s key liquidation levels

According to Coinglass’s exchange liquidation map indicator, the major liquidation levels are near $0.000139 on the lower side and $0.000165 on the upper side, as traders over-leveraged at these levels. 

Source: Coinglass

If the sentiment remains bullish and FLOKI rises to $0.000165, approximately $1.08 million worth of short positions will be liquidated.

Conversely, if the sentiment shifts and the price falls to $0.000139, nearly 134 million long positions will be liquidated.

Whales and investors are holding

While examining the holdings of whales and investors, it looks like they could easily manipulate FLOKI’s price.

According to the on-chain analytic firm IntoTheBlock, at press time, whales held 73.47% of the total FLOKI supply, investors held 13.14%, and regular retail traders held 13.40%.

Source: IntoTheBlock

Current price analysis

At press time, FLOKI was trading near the $0.000158 level, having experienced a price surge of over 2.5% in the last 24 hours.

Its trading volume has increased by 71% during the same period, indicating higher participation from traders amid successful retest.

Realistic or not, here’s FLOKI’s market cap in BTC’s terms

Other top meme coins, including Dogecoin [DOGE], Shiba Inu [SHIB], Pepe [PEPE], and dogwifhat [WIF] are struggling to gain momentum.

Based on CoinMarketCap, DOGE, SHIB, PEPE, and WIF have experienced a price decline of over 3.3%, 2.5%, 4.5%, and 6%, respectively.