What Caused FLOKI’s Price to Surge by 50% Over The Last Few Hours?

Key Takeaways:

• Floki Inu’s price soared high to reach the levels it traded at more than a month ago, indicating the possibility of triggering a fresh bullish wave.
• The fundamentals are turning bullish, hence the price is believed to spark a fresh bullish wave very soon.
• FLOKI is losing its social dominance as negative sentiments have been prevailing, but the rise in the development activity may keep up the bullish momentum

FLOKI’s price has maintained a steep descending trend for nearly a month. While the recent upswing has lifted the token out of bearish influence. However, the bullish momentum is currently being challenged by bearish pressure, but the upswing is believed to prevail for a long time. Will FLOKI’s price maintain the same bullish trend or drop hard, losing all the gains?

FLOKI, the token that gained attention after Twitter CEO Elon Musk named his dog after it, displayed exceptional intraday trading after Binance.US listed the crypto. Alongside, the platform has also launched its staking project’s testnet, taking a step towards offering the traders a chance to earn rewards.

FLOKI (FLOKI) Technical Overview

Source: Tradingview

• The FLOKI price has been trading within predetermined resistance and support levels and the recent push raised the levels above the major resistance.
• Unfortunately, the bears have currently dragged the price lower and despite a rebound, the price is still believed to test the lower support
• The RSI has reached lower levels, hence signals a bearish trend may prevail for the crypto for a few more time
• However, a rebound may be imminent but the pace could be lowered as the ADX is heading toward the bottom indicating a drop in the strength of the rally
• Therefore, a consolidated ascending trend may prevail until the price reclaims the positions above the interim resistance

Read more: Dogecoin Price Predction

Floki Inu (FLOKI) On-Chain Overview

FLOKI Social Dominance

Source: Santiment

Social dominance is built on social volume which records the search volume of the crypto within a specified timeframe. It compares the social volume of the top 100 cryptos according to the market capitalization and compares with the social volume of the crypto. If the dominance of the crypto has surged by 50%, then it is said that the crypto holds half of the social volume that discusses the top 100 tokens. 

The Social dominance of FLOKI had surged miserably in the past few days but quickly dropped back to the previous levels that it traded before. This indicates the traders may have shifted their focus as the social volume also appears to have dropped for FLOKI.

FLOKI Development Activity

Source: Santiment

The development activity of a token is recorded on the GitHub repositories which are generally public and accessible to all. Whenever the development activity surges, it indicates that the project is very serious about its business proposition and may soon deliver new features or upgrades. In short, the development activity can be used to determine the project’s commitment to building a workable product. 

The development activity of Folki Inu has been under an ascending trend ever since it began to soar from the bottom. Despite the levels experiencing a slight pullback, the upswing was maintained which may induce huge confidence within the market participants who may remain bullish for the crypto in the long term. 

FLOKI Weighted Sentiments

Source: Santiment

The crypto markets run as per the sentiments prevailing within the space. These play an important role in determining the prices as a rise in positive sentiments spikes the price and a huge plunge is recorded within the strengthening of bearish sentiments. Weighted sentiment considers all the sentiments, positive and negative, and multiplies by the social volume. 

The weighted sentiment had spiked high indicating the markets were extremely bullish on the token as more positive sentiments were prevailing for the crypto. However, the levels have dropped indicating the traders may have turned bearish as the ratio of negative sentiments has slightly raised. 

Additional Read: Top Meme Tokens 2023

Concluding Thought

FLOKI’s price underwent a massive spike as it was listed on one of the popular exchanges Binance.US. However, the sentiments appear to have faded a little as the bears are trying hard to keep the price restricted. The raised development activity may impact the sentiments of the market participants moderately which may probably keep up the bullish momentum.