Despite Floki Inu prices going up by over 7 per cent in today’s trading session, the prices have not recovered from a huge market gap that saw today’s trading session open below the previous closing session by almost 8 per cent.
However, the past few trading sessions, except yesterday, have resulted in price gains. For instance, in the past ten days, the price of Floki has risen by 65 per cent to its current price of $0.0000011.
The past few months have been rough on Floki Inu, dropping by 90 per cent year-to-date. At its peak last year, its market capitalization was also over $3.5 billion. Compared to today, where its market capitalization is $96 million, it is evident what Floki Inu has gone through since its founding.
Efforts to revive the project have also hit a snag in markets such as the UK, where the Advertising Standards Authority (ASA) flagged their advertisements. According to ASA, the methods used to market their products were deemed unethical, with regulators indicating the marketing team had crossed the redline.
Floki Inu Prices are on a recovery despite recent months that have seen the prices drop by 90 per cent year-to-date. In today’s trading session, despite prices remaining below 0 per cent from the previous close, the prices have increased by over seven per cent. The phenomenon has been caused by a huge market gap in today’s trading session that saw prices open 8 per cent below the previous day’s closing price.
Looking at the chart below, we can see Floki Inu has been in a long-term trend for quite some time. However, the bearish trend has stopped in the past few days, and the trend has reversed to bullish. Therefore, there is a high likelihood that the current bullish trend will continue, and we will see prices rise to hit the $0.0000015 price level.
However, my analysis is invalidated if today’s trading session prices fall below the $0.00000100 price level. It will also mean a possible downtrend. If that happens, there is also a likelihood of resumption of the bearish trend.
This post was last modified on May 23, 2022, 16:33 BST 16:33