The broader market slump hit Floki FLOKI/USD, causing the dog-themed memecoin to become one of the biggest losers in the last 24 hours.
What Happened: Floki endured losses of more than 9%, surpassing the declines seen in blue-chip currencies like Bitcoin BTC/USD, Ethereum ETH/USD, and the broader memecoin sector. The trading volume plunged 3.45% to $437 million in the last 24 hours.
With the latest correction, the Ethereum-based meme token's weekly losses soared to 31%.
The Relative Strength Index, a popular technical analysis tool, flashed a neutral signal for FLOKI, according to TradingView, indicating a balance between bullish and bearish sentiment.
The RSI is a momentum oscillator that tracks the speed and change of price movements. Typically, the RSI is considered overbought when above 70 and oversold when below 30. It is hovering above 45 as of this writing.
The Awesome Oscillator, which calculates the difference between a 34 Period and 5 Period Simple Moving Average, flashed a similar signal.
On the other hand, the Moving Average Convergence Divergence, another popular tool among technical analysts, flashed a sell signal at 0.0000117563. The MACD is primarily used to gauge an asset’s overall trend. The crossover of the signal line and the MACD line gives trading signals
Why It Matters: Despite the latest pullback, FLOKI has been one of the top performers in 2024, rising more than 6X year-to-date. In fact, it hit its record high of $0.000309 last week, before the sharp retracement began.
As of this writing, about 86% of FLOKI holders were in profit, according to IntoTheBlock. The total balance of wallets belonging to long-term holders has remained unchanged in the last 24 hours, lending credence to the neutral market sentiment.
Photo Courtesy: Maurice NORBERT On Shutterstock.com
Price Action: At the time of writing, FLOKI was exchanging hands at $0.0002284, according to data from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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