Why Floki’s Bullish Momentum Might Be Running Out of Steam

Recently, Floki Inu [FLOKI] showed its value as a project by dominating the BNB Chain [BNB]. In actuality, the token—which is a memecoin—was able to benefit from the most recent bull run, as seen by a double-digit increase in price. Nevertheless, the price decline of memecoin signalled the end of its bull run.

Why Floki's Bullish Momentum Might Be Running Out of Steam
Source:Crypto Rank

FLOKI is outperforming the others.

Recently, Floki tweeted about the most recent accomplishment of the meme coin. The tweet stated that the meme currency outperformed the other BNB Chain gaming ventures. Floki really had four times the volume of SAND, MANA, and AXS combined.

Why Floki’s Bullish Momentum Might Be Running Out of Steam,Why Floki’s Bullish Momentum Might Be Running Out of Steam

In addition, Floki declared the launch of its collaboration with the World Table Tennis Championship. The incident took place in Frankfurt.

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In addition to these events, FLOKI was able to significantly increase in price throughout the bull run. Its price really increased by over 40% last week, which seemed promising.

Nevertheless, according to LunarCrush, pessimistic attitude towards the memecoin increased by 141% last week despite the price increase. The increase in pessimistic mood eventually began to have an impact on reality, as seen by the red daily chart.

Over the previous day, FLOKI fell by more than 5%, according to CoinMarketCap. With a market value of more than $237 million, it was trading at $0.00002499 at the time of writing.

What Floki is likely to deliver

An examination of FLOKI’s measurements demonstrated the issues of the previous day. Over the last few hours, its MVRV ratio sharply decreased. Simultaneously, its 1-day Price Volatility decreased. There were less active addresses as indicated by a modest decline in its daily active addresses.

However, its Development Activity, which remained comparatively high, was a favourable statistic. A high development activity indicates that developers are working more to make the network better.

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There was a good probability that the memecoin price will drop even lower. Its price approached the top bound of the Bollinger Band. Its price may fall much more as its Relative Strength Index (RSI) showed a dip from the overbought zone.

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