The price of FLOKI is testing a key resistance level

FLOKI Coin has encountered resistance with a sell wall between $0.00009 and $0.00011, as order books reveal concentrated selling pressure.

Floki Coin (FLOKI) is testing a key resistance level that could decide its next big move. Technical patterns and shifting market liquidity are being closely watched by traders as they set the stage for a breakout, perhaps similar to its June 2024 rally.

Floki Coin: Sell Wall and Bullish Signals

FLOKI Coin has encountered resistance with a sell wall evident in order books at around $0.00009 to $0.00011, where traders have placed concentrated sell-side orders. Breaking through this zone could clear the way for a 43% rally from current levels, potentially reaching $0.000145. To regain its all-time high of $0.0003, hit in June 2024, a move that also saw its market capitalization exceed $3 billion at that time, the token needs a 3.7x rally.

“$FLOKI has reached the sell wall. The sell wall exists until $0.00011.

If it breaks through the sell wall, there is no other sell wall until $0.000145.”

Renowned analyst CW highlighted this critical zone on X and noted how it acts as a make-or-break threshold. The recent 104% surge in trading volume indicates greater pressure on the sell side of the wall. If demand outpaces the stacking orders, FLOKI could witness a breakout similar to its 2024 rally, fueled by meme coin hype, leading to gains and impacting market liquidity.

The FLOKI price action aligns with global liquidity trends, notably its correlation with M2 Global Money Supply, which is currently displaying bullish tendencies. Analysts believe that if liquidity continues to expand, it could propel FLOKI even higher than its all-time high. This indicator often signals a strong upside for risk assets, like FLOKI, during periods of rising liquidity.

Technical indicators are broadly bullish. The daily RSI stands at 73, reflecting strong buying pressure and overbought conditions, while the MACD remains in positive territory. Together, these signals highlight robust momentum and support the case for a potential surge.

Catalysts Ahead

The Floki coin has several factors pushing its price up, including new partnerships and events that are grabbing attention. The Rice Robotics team will soon be launching the FLOKI M1 minibot, an AI-powered robot that rewards users with $RICE tokens for engaging in real-world interactions. Token holders will also receive airdrops, adding another layer of appeal.

The impending Doge Memorial Event in May is also boosting interest in meme coins, with FLOKI and BONK being at the forefront of April’s meme coin gains. These improvements, together with expanding projects and optimistic outlook, highlight the potential that FLOKI presents to traders.

If FLOKI manages to break through the $0.0001 resistance, other traders believe that it could pave the way for a surge to $0.02 or even $0.03. However, to achieve this magnitude of move, strong momentum and volume are crucial.

Nevertheless, sharp price fluctuations, regulatory uncertainty in the US and EU, and FLOKI’s substantial supply of 9.6 trillion could exert downward pressure on prices. Competition from new meme coins also poses challenges.

News data source: kdj.com

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