Floki Inu (FLOKI), the Shiba Inu-inspired memecoin, has rocketed into the spotlight with a surge in trading activity and a nearly 20% price increase in the past week. However, experts caution that this “pup-ularity” might be short-lived, fueled more by hype than by strong foundations. Related Reading: Crypto Alert: VeChain Bull Run Imminent, Expert Predicts 500% Rally Open Interest Takes Off: Newcomers Flock To FLOKI The key indicator driving excitement is the skyrocketing Futures Open Interest for FLOKI. According to Coinglass, this figure, which reflects the number of outstanding futures contracts, has climbed a staggering 110% since May 1st, reaching a 30-day high of nearly $20 million. This suggests a surge of new market participants entering FLOKI positions, potentially anticipating further price increases. Adding fuel to the fire is the significant rise in FLOKI’s daily trading volume. On May 15th, Santiment reported a daily volume exceeding $1 billion, marking the highest level for FLOKI since late March. This intense buying activity indicates a surge in investor interest, pushing the price upwards. Momentum Indicators Point To A Bullish Charge Further bolstering the case for a bullish FLOKI is the behavior of its key momentum indicators. Both the Relative Strength Index (RSI) and the Money Flow Index (MFI) currently sit comfortably above their neutral lines, at 62.68 and 65.37 respectively. In simpler terms, these metrics suggest that the price momentum leans towards further gains in the short term. Also, the broader market sentiment surrounding FLOKI is notably positive. Increased trading volumes and a surge in social media mentions have amplified investor interest, suggesting that the cryptocurrency is gaining traction not just among retail traders but also institutional investors. Recent partnerships and strategic developments within the FLOKI ecosystem are likely to fuel further growth. These factors, combined with the strong technical indicators, paint a promising picture for FLOKI’s near-term performance, potentially paving the way for substantial price appreciation. However, beneath the shiny exterior lies a potential cause for concern. The Chaikin Money Flow (CMF), an indicator that measures the buying and selling pressure of an asset, paints a rather bearish picture. Still In Negative Zone Despite the price appreciation, FLOKI’s CMF remains firmly in negative territory, currently hovering around -0.11. This suggests that even though the price is rising, the buying pressure might be weakening. This divergence between price and buying pressure is often seen as a sign of a potential reversal, indicating a rally driven by short-term speculation rather than long-term investor confidence. Related Reading: ADA Price Surge Could Push Ratio Of Holders In Loss Below 55% While FLOKI’s recent performance is undeniably impressive, the underlying factors suggest a potentially volatile future. The surge in open interest and trading volume hints at a market frenzy, but the negative CMF raises concerns about the rally’s sustainability. Featured image from Floki, chart from TradingView
Cryptocurrency payment company Ripple has released XRP’s market report for the first quarter of 2024. The report sheds light on XRP’s soaring trading volume. It also highlights updates on the on-chain performance and recent technical developments of the XRPL ecosystem. Related Reading: NFT Market Crashes: 95% Of Assets Become Worthless XRP Spot Volume Surges According
Venezuela’s Ministry of Electric Power announced it would disconnect all cryptocurrency mining farms from the national power grid (SEN, Sistema … Continue reading The post Venezuela to shut down cryptocurrency mining farms appeared first on Finbold .
Recent data suggests that the chances of Ethereum ETF approval are quite promising, but SOL poses a major hurdle.
Turkey drafts a comprehensive crypto regulation bill to align with international standards, emphasizing consumer protection and compliance with FATF guidelines.
In an important ongoing cryptocurrency case in the USA, the bankrupt company has been approved to pay creditors. Continue Reading: Approval in Expected Cryptocurrency Lawsuit: $3 Billion to be Distributed to Users
Smart contract platform Solana (SOL) is moving to the top of CoinGecko’s list of fastest blockchains. In a new publication, CoinGecko says Solana is a staggering 46 times faster than its rival Ethereum (ETH), the second-largest digital asset by market cap, making it the fastest large blockchain on the market. However, CoinGecko says that Solana The post ‘46 Times Faster Than Ethereum’ – Solana Races to the Top of CoinGecko’s List of Swiftest Blockchains appeared first on The Daily Hodl .
Blockchain payments firm Ripple Labs published its Q1 market report on Friday, highlighting the developments and additions to its growing ecosystem. Brad Garlinghouse, Ripple CEO just reacted to the outstanding data while he celebrated the milestones that were recorded on the XRP Ledger (XRPL). XRP Ledger AMM Goes Live on Mainnet in Q1 The Ripple The post Ripple CEO Names Key Highlight of XRP Ledger (XRPL) Q1 Performance appeared first on CoinGape .
An analyst predicts a major rally for an AI altcoin in the coming months. Bitcoin is expected to rise short-term but needs higher price regions for clarity. Continue Reading: Analyst Predicts Significant Rally for AI Altcoin in Coming Months
An analyst predicts a major rally for the AI altcoin RNDR. Bitcoin is expected to rise in the short term. Continue Reading: Analyst Predicts Major Rally for AI Altcoin RNDR