FLOKI surges following the Robinhood listing. Here’s why this could lead to an even greater rise.

FLOKI’s recent listing at the U.S.-based trading platform Robinhood has pushed it to a potential technical breakthrough.

Floki) is a cryptocurrency (FLOKIThe price of a pound (£) rose by over 11 percent to £0.000118 in the morning Asian trade on 8 August before falling to £0.000117 when press time arrived. 

Today’s market action is marked by the sharp rise in trading volume, which has increased 125% over the last 24 hours.

FLOKI is now the 8th largest meme coin, with a capitalization of 1.12 billion dollars. It trails behind Official Trump.TRUMPSPX6900 and SPX6900SPX). On the wider market, the cryptocurrency is ranked 104th in terms of market cap.

FLOKI’s debut in the U.S. trading platform is a major factor behind its gains today. Robinhood.

In a X message, Floki’s team described this move as a “huge step forward,” It is worth noting that this platform gives access to over 25 million traders on the most popular retail trading platform in the world.

In the past, trading on exchanges often triggered a lot of triggering. short-term price spikesAs speculative purchases cool, momentum may fade.

This listing, however coincides with mixed messages on-chain. Nansen’s data indicates that whale token holdings dropped from 30.5 billion to 28,94 billion in a month, which is a sign of some big holders selling their tokens.

FLOKI held on exchanges has fallen Tokens have decreased by 5.1% compared with last month. This suggests a reduction in immediate demand and a possible tightening of the circulating supply.

In derivatives markets, sentiment appears more optimistic. CoinGlass data The open interest in futures has risen by 20% to $53.6 millions, up from $40.2 million at the beginning of the month. The increase in open interest during an upward trend, and especially when it is high, can indicate that traders are gearing up for more upside.

The ratio of long/short is currently 0.86. It indicates that there are more short positions than long positions. The short/long ratio is 0.86, which indicates that the number of long positions currently outnumbers those who are holding only shorts.

Price analysis of Floki

Since late July, FLOKI has been trading in a pattern of a falling wedge on the daily chart. As a result, a falling wedge formation is considered bullish as it indicates that the downward momentum has slowed. Breakouts above the upper trendline in this pattern can signal the beginning of a new trend and lead to sustained gains over the short-term.

FLOKI confirms the breakout of the wedge resistance on August 4, after it has moved above $0.000107. 

Momentum indicators confirm the upward trend. MACD lines are on the brink of crossing over the signal line. Red histogram bars that have shrunk indicate decreasing bearish pressure. 

RSI also retreated from the oversold zone to 53 as of the date this article was written, indicating a return in buying power without the market reaching overbought levels.

FLOKI, on the chart of the four-hour time frame, has broken through the neckline and double bottom at $0.000113. The token held support at $0.000098 for a number of times, and each time rebounded with greater momentum. 

Double bottoms are typically seen as bullish signals, indicating a steady interest in buying and an improving mood, which is consistent with the bullish pattern already evident on the daily chart.

According to this convergence of technical bullish signals, FLOKI’s most likely near-term price target is $0.000146. This represents the projected movement from the breakout, and lies roughly 25% higher than the current price. 

This setup would be invalidated if the price dropped below $0.000098. It could also lead to a more severe correction.