Elon Musk Sparks 30% Floki Surge Amid Broader Crypto Market Decline
FLOKI saw a 6% weekly increase, fueled by Elon Musk's AI-generated video of his Shiba Inu named "Floki". This led to a nearly 30% price surge and a significant volume spike, reaching an intraday high around $0.000088.
- Mentions on social media platforms increased by 65%, while the crypto Fear & Greed Index shifted from Fear (37) to Neutral (52).
- Technical analysis shows FLOKI is retesting a demand band near $0.00008. A close above $0.000075 could lead to a target of $0.00009 or higher.
- Open Interest rose by 162% to approximately $37.5 million, with $275K in shorts liquidated during the price squeeze.
- RSI indicates an overbought condition, suggesting potential for a correction unless momentum continues.
- If FLOKI fails to hold above $0.00009, pullbacks may occur towards $0.000072 or as low as $0.00004.
Currently, FLOKI trades around $0.0000737, down 12% amid a broader market downturn. Key support levels are between $0.000072 and $0.000070, with potential downside risk to $0.00004.
- A close above $0.000080 would signal a bullish trend, targeting $0.00009 and possibly $0.00011 if buying interest persists.
- Celebrity-driven spikes could lead to rapid extensions, but sustained positive flows and elevated open interest might support further price gains.
