Unraveling the Catalyst Behind Floki Inu’s 111% Surge and What Lies Ahead

  • Woof! FLOKI’s excitement hits new heights
  • CMF barking at FLOKI indicates potential price changes

Check out the rise in open interest for Floki Inu’s memecoin [FLOKI] Futures! Coinglass’ data reveals a surge to $19 million, up 111% since May 1st.

FLOKI Open Interest

Source: Coinglass

With FLOKI’s open interest soaring, it points towards more market players entering the fray.

Fetching FLOKI “demand”

Currently, FLOKI is trading at $0.0002123. With a 20% climb in the past week, it zooms as a top performer on CoinMarketCap‘s radar.

This spike in value came with a surge in daily trading volume. Santiment’s data reports a significant increase to $1.06 billion on May 15th, hitting the highest levels since March 28th.

Amidst this surge, FLOKI’s key momentum indicators are on the rise, showcasing growing interest. RSI stands at 62.68, and MFI at 65.37.

FLOKI 1-Day Chart TradingViewFLOKI 1-Day Chart TradingView

Source: FLOKI/USDT on TradingView

Look out for surprises

While FLOKI’s recent surge is exciting, caution is required. Bears are still present, as indicated by the negative CMF trend.

CMF signals the asset’s money flow, showing a negative trend during FLOKI’s valuation rise. This may hint at short-term speculators driving the surge.

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Negative CMF at -0.11 suggests a weakening buying pressure, despite FLOKI’s upward price movement.

Additionally, daily funding rates for FLOKI remain uncertain, indicating market indecision about its future value.

FLOKI Funding RateFLOKI Funding Rate

Source: Coinglass

Stay tuned, as the market paints an uncertain picture for FLOKI’s future value.

Next: Willy Woo’s Bitcoin price prediction: BTC has ‘room to run’ and that means…

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