Floki Inu breaks through $0.00020 resistance: Is there more rally ahead for FLOKI?

• FLOKI recently smashed through its resistance levels.
• Holders are seeing profits with the 30-day MVRV.

Hey there, Floki enthusiasts! It’s been an exciting time for Floki Inu [FLOKI]. This meme coin has been following the crowd lately, riding the wave of positivity in the market.

Its price has been on a solid upward trend, breaking barriers and making gains against short-term challenges.

Moreover, the amount of FLOKI being sent to exchanges has dropped, hinting at increased activity and potential interest from traders.

Good vibes for Floki Inu’s price

Taking a peek at Floki Inu’s daily chart, there’s been a steady climb over the last three days. On the 13th of May, the coin jumped over 8%, pushing its price to about $0.00018.

The next day, it held onto this level with an additional 3% rise. At the latest check, FLOKI was up by an impressive 12%, hitting around $0.00021.

This positive momentum lifted the coin past its initial resistance points at $0.00019 and $0.00020.

The Relative Strength Index (RSI) is pointing towards a strong bull trend, near 65 and edging closer to the overbought territory. And, the stochastic indicator hints at the potential for more price gains.

All in all, things are looking bright for FLOKI in the short term.

Traders buzzing with FLOKI’s volume pickup

Our observation of Floki Inu’s volume graph unraveled a recent surge in trade activity.

After a month of declining volume, things took a turn on the 13th of May. By the end of that day, trading volume had shot past $360 million. And by the 14th of May, it soared to over $800 million, hitting levels not seen since March.

With the volume crossing $800 million, this marks the second consecutive day breaking the $500 million milestone. Such a rise signifies increased trading activity and positive on-chain dynamics for FLOKI.

Holders bulking up on Floki Inu

Our inspection of the Floki Inu exchange flow unveiled more assets exiting exchanges than entering.

Recent data from Santiment showed about 310,000 FLOKI tokens being deposited on exchanges, while around 13.50 million tokens were withdrawn. This sizable outflow points to hefty accumulation of Floki Inu tokens amo…