Will FLOKI Soar After Coinbase’s Game-Changing Move?
Chandan Gupta21 Nov 20242 min read
After listing a major meme coin, Coinbase, the United States’ largest cryptocurrency exchange, is set to add support for Floki (FLOKI) on the Ethereum network. This follows the recent listings of Ethereum’s Pepe (PEPE) and Solana’s Dogwifhat (WIF). The major question is whether FLOKI’s listing on Coinbase will propel its price in the coming days.
Coinbase’s Support For FLOKI
However, the value of the meme coin remains unchanged following Coinbase’s announcement on X (formerly Twitter). As of now, FLOKI has registered a price decline of over 5.3% in the past 24 hours and is trading near $0.000238. During the same period, its trading volume jumped by 17%, indicating heightened participation from traders and investors amid the exchange support announcement.
FLOKI Technical Analysis and Upcoming Levels
Besides price stability, expert technical analysis suggests that FLOKI is on the verge of breaking out from a descending triangle pattern on the four-hour timeframe, indicating a potential upward move. Meanwhile, on the daily timeframe, the meme coin appears to be consolidating within a tight range between $0.000232 and $0.000275.
Based on the recent price action, a breakout from the consolidation zone could propel FLOKI by 30% to the $0.00035 level in the coming days. As of now, the meme coin appears to be steadily moving toward its all-time high (ATH).
Despite this bullish price action, the 200 Exponential Moving Average (EMA) indicates that FLOKI is in an uptrend, as its price is trading above this level.
Rise of Large Transactions Volume
Meanwhile, on-chain metrics further support the bullish outlook for the meme coin. According to the on-chain analytics firm IntoTheBlock, the large transaction volume for SHIB has skyrocketed by 98% in the past 24 hours. This notable increase in transaction volume is primarily driven by whales and institutions, potentially signaling a bullish trend for the meme coin.
Meanwhile, FLOKI’s open interest has dropped by 12% during the same period, indicating that traders are hesitant to build new positions. This suggests they may be waiting for the meme coin to break out from either the consolidation zone or the descending triangle price action pattern.
