FLOKI, a popular meme coin, is currently experiencing a technical breakout following its recent listing on the well-known U.S. trading platform, Robinhood. The coin saw a significant increase of over 11% to $0.000118 on August 8, after debuting on Robinhood. This surge in price was accompanied by a rise in daily trading volume, which increased by 125% over the past 24 hours.
As a result of this positive price action, FLOKI now holds the position of the eighth-largest meme coin with a market capitalization of $1.12 billion. This places it behind Official Trump (TRUMP) and SPX6900 (SPX), making it the 104th-largest cryptocurrency by market cap overall.
The listing on Robinhood has been a major catalyst for FLOKI’s recent gains. With access to over 25 million users on one of the world’s most influential retail trading platforms, FLOKI’s team sees this as a significant step forward for the coin. Historically, exchange listings have led to short-term price spikes, though the momentum can fade as speculative buying cools down.
Despite the positive listing news, on-chain signals for FLOKI have been mixed. Whale holdings have decreased from a monthly peak of 30.5 billion tokens to 28.94 billion, indicating that some large holders have been selling their tokens. However, the amount of FLOKI held on exchanges has also decreased, suggesting reduced selling pressure and a potential tightening of the circulating supply.
In derivatives markets, sentiment towards FLOKI appears to be optimistic. Futures open interest has surged by 20% over the past 24 hours to $53.6 million, indicating that traders are positioning for further upside. The long/short ratio currently stands at 0.86, with short positions outnumbering longs. If prices continue to rise, this could lead to a short squeeze as traders rush to cover their losses.
Technical analysis of FLOKI’s price action shows bullish signals. The coin had been trading within a falling wedge pattern since late July, a pattern that typically indicates a bullish reversal. FLOKI confirmed a breakout from this pattern on August 4, and momentum indicators such as the MACD and RSI support this bullish shift.
Additionally, on the 4-hour chart, FLOKI has broken above the neckline of a double-bottom pattern, further confirming the bullish sentiment. Based on these technical indicators, the near-term target for FLOKI is $0.000146, representing a potential 25% increase from the current price. However, a drop below $0.000098 could invalidate this setup and lead to a deeper correction.
In conclusion, FLOKI’s recent listing on Robinhood has sparked a technical breakout for the coin, with positive price action and bullish technical signals indicating further upside potential. As always, it’s important to conduct thorough research and consider all factors before making any investment decisions.