- FLOKI surges 8.7% in 24 hours, fueled by roadmap and 215B token burn.
- Floki Inu expands with digital banking and DeFi plans.
- Technical analysis showed that there might be an opportunity for more positive movement in Floki’s price.
Floki (FLOKI) has been in a bullish rally in the last 24 hours after establishing support at the intra-day low of $0.0002283. The meme-inspired cryptocurrency has unveiled an ambitious roadmap for 2024, aiming to transition from its status as a mere memecoin to a more utilitarian token within the digital finance landscape.
This shift is underscored by advancements in digital banking, DeFi integration, and the upcoming launch of its metaverse game, Valhalla.
FLOKI/USD 24-hour price chart (source: CoinStats)
FLOKI/USD Technical Analysis
Against the backdrop of these developments, Floki Inu’s market performance has exhibited resilience. Despite a brief correction, the token has seen an 8.7% increase in value over the past day, with monthly gains of 600%.
This upward trajectory is further supported by a token burn strategy, with approximately 215 billion FLOKI tokens eliminated from circulation in March.
Concurrently, on the FLOKI/USD price chart, the Keltner Channel bands are trending upward, with the top, middle, and lower bands touching $0.00029059, $0.0002130118, and $0.0001353690, respectively. This signals an increase in volatility and the possibility of a breakout above the top band if the green candlesticks continue to close above the middle band. On the other hand, if the price begins to consolidate and trades inside the middle and lower bands, it may indicate a period of consolidation or a trend reversal.
FLOKI/USD 24-hour price chart (source: TradingView)
The stochastic RSI rating of 31.98, which is heading upward, indicates that there may be an opportunity for more positive movement in the immediate term. This trend is supported by a steady increase in trade volume, which indicates strong bullish momentum.
Furthermore, FLOKI’s market capitalization and 24-hour trading volume increased by 9.34% and 74.56%, respectively, reaching $2,405,547,677 and $777,452,497. If the stochastic RSI continues to rise and trade volume stays strong, FLOKI’s price may break through the upper band and resume its upward trajectory.
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