Floki price staged a strong comeback this week as the crypto fear and greed index jumped to the greed zone of 75. The token surged to a high of $0.00021, its highest swing since June 12. It has soared by over 126% from its lowest level in August, giving it a market cap of over $2 billion.
Catalysts for the Floki token
Floki’s price has roared back in the past few months. It has jumped by over 1,400% from its lowest level in 2023.
This trend happened as the network launched numerous services to boost its ecosystem growth. Data by DeFi Llama shows that the amount of assets in Floki Locker has jumped to a record high of over $42 million.
The developers have also announced TokenFi, a platform that aims to be the next big thing in the Real World Asset (RWA) tokenization industry.
TokenFi has token launcher, which helps to create tokens without code, RWA Module to tokenize real-world assets, and AI Smart Contract Auditor. Analysts expect that the tokenization trend will continue growing in the coming years.
Floki price has also jumped because of the ongoing Simon’s Cat (CAT) trading competition, which will end on November 14. This is a trading competition where users are rewarded with the CAT token, which has a market cap of over $242 million.
Floki token has also jumped because of the ongoing crypto bull run, with Bitcoin nearing the key resistance level at $90,000. If this happens, the next level to watch will be $100,000.
Its surge also happened as its futures open interest jumped to over $30 million, the highest level since September 29. It has soared from about $14 million on November 6.
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Floki price prediction
Crypto analysts are bullish on the price of Floki. For example, Dona, a popular crypto analyst with over 29,000 followers, predicted that the token will jump to $0.00075, which is about 200% above the current level.
The daily chart shows that the FLOKI token has been in a strong bullish trend in the past few days. It has flipped above the key resistance level at $0.00017, its highest swing on September 26.
The coin has moved above the 50-day and 25-day Exponential Moving Averages (EMA), meaning that bulls are in control. Floki is also nearing the 38.2% Fibonacci Retracement level.
The MACD indicator and the Relative Strength Index (RSI) have also moved upwards. Therefore, the Floki price will likely continue rising as bulls target the next key resistance point at $0.00003495, its highest point in March, which is about 67% above the current level. This view will become invalid when the price drops below the key support at $0.000177.
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