What’s next for this Memecoin? Predict a profit of 44%.

FLOKI token holders are witnessing a wave of green as recent data shows a robust and rising price trajectory. The alignment of market sentiment and on-chain data ignites a compelling story for FLOKI’s price journey.

Could this trajectory send FLOKI to the ambitious $0.0003 mark?

Profitable FLOKI holders are on the rise

In just 1 day, the percentage of profitable FLOKI holders grew from 30% to 94% and on February 27th reached almost 70,000 profitable addresses. This percentage has remained stable since last week, indicating that holders are unwilling to liquidate their positions. When the percentage of profitable holders remains this high for so long, it strongly suggests that users have even more confidence in the coin.

The last time the percentage of profitable FLOKI holders was this high was more than one year ago, on February 16, 2023.

The current conditions may indicate a bullish trend, indicating rising market optimism. However, it is equally important to note that many holders may be ready to sell their assets. If any of these investors decide to liquidate, it could precipitate a wave of selling.

Such an influx of sales activities could exert downward pressure on the price of FLOKI. This can lead to a shift in market dynamics and possibly cause a price correction or decline.

FLOKI RSI has soared in the last 2 weeks

FLOKI RSI (Relative Strength Index) 1D reached an impressive 93 on March 7, from a moderate 54 on February 9, a growth of 72% in a month. An RSI this high is usually a bearish signal for investors. FLOKI last registered an RSI value above 93.1 only once in July 2021.

However, the historical context shows that FLOKI can maintain its upward price momentum even when the RSI indicates an overbought condition. In January 2023, the FLOKI price increased almost fourfold, while the RSI consistently flirted with values ​​above 80 and 90 per day.

The RSI is a technical analysis tool that functions as a momentum oscillator, measuring the speed and magnitude of directional price movements. An RSI reading that exceeds 70 usually indicates that an asset is overbought. This could mean a pullback or consolidation in the near future. Conversely, an RSI below 30 often indicates that an asset is in an oversold condition. This usually indicates that the price may have fallen too far and may be set for a pullback.

Given these parameters, one can expect a slight downward adjustment in the FLOKI RSI figures, normalizing these values. The expected correction should moderate the high RSI, which indicates overbought conditions.

At the same time, it is believed that it will not deeply affect the ongoing bullish trends. Such a corrective move will be seen as a healthy and normal fluctuation within an overall positive market phase for FLOKI.

FLOKI price may reach $0.0003 soon

Currently, FLOKI’s price is firmly above the 14-period moving average, a technical indicator that reinforces the bullish perspective of its market trajectory. If FLOKI consistently maintains its position above the established support level at $0.0001644, it may rise to $0.0003. Also, among memecoins, Floki is still behind PEPE and wif in terms of year-to-date growth, which could imply a flow of money coming from these coins.

Therefore, such an upward movement would mean a significant potential profit, with an increase of around 44% from its current price.

Still, it is essential to remain alert to the potential dangers of a market downturn; if the price were to drop below the critical support level of $0.0001644, the prevailing bullish sentiment could falter. This decline could alter FLOKI’s trajectory, potentially sending its value to a lower target, perhaps to $0.0001322.

Vigilance is key, as a breach of support can signal a shift in market dynamics. Accordingly, investors should keep a watchful eye on these support levels. A downtrend can necessitate quick strategic adjustments to mitigate potential losses.