FLOKI Eyes $0.000070, Can the Uptrend Hold?

• FLOKI climbs past $0.00006781, rising over 3%.
• Daily trading volume sees a 19.21% surge.

A fleeting recovery push in the cryptocurrency space has turned out to be a mixed trend with some coins gaining while others trade in red. Bitcoin (BTC) stays at $86.9K, while Ethereum (ETH) is trading around $2K. Meanwhile, FLOKI, a meme coin, has spiked by over 3.57%. 

The meme coin opened the day trading at $0.00006548 and slipped to trade on the downside at $0.00006469. Later, after the wake of bulls, FLOKI chose to trade on the upside, at $0.0000691. 

At the time of writing, FLOKI traded at $0.00006781 with a market cap of $652 million. Notably, the daily trading volume of the asset has reached $97.13 million, as per CMC data.

FLOKI has posted a gain of over 10.22% in the last seven days. The asset began trading in the $0.00006149 range, and the bears pulled back the price to a low of $0.0000591. With the arrival of bulls, the asset has climbed to the current trading level. 

Is FLOKI Poised for More Gains?

FLOKI’s Moving Average Convergence Divergence (MACD) line is stationed above the signal line. This indicates a bullish crossover and a potential upward price movement. 

Moreover, the Chaikin Money Flow (CMF) indicator positioned at 0.11 suggests the inflows into FLOKI, supporting further price gains if the trend continues. Meanwhile, the daily trading volume has surged by 19.21%

The price trend graph exhibits FLOKI’s upside trading pattern. If the momentum continues, it could test the $0.00006863 resistance. Further gains might potentially push it to move toward $0.000070.

However, assuming FLOKI fails to mount above the $0.000068 range, the price could likely slip to retest the $0.00006631 support. The subsequent support of the asset might be around $0.000065, a crucial area.

The asset’s daily relative strength index (RSI) at 64.54 signals bullish momentum, approaching the overbought threshold. Besides, the Bull Bear Power (BBP) value of 0.00000307 infers that bulls are slightly outweighing bears.