Will FLOKI Soar After Coinbase’s Game-Changing Move?
Coinbase, the largest U.S. cryptocurrency exchange, will add support for Floki (FLOKI) on the Ethereum network after listing a major meme token. This follows the recent listings of Ethereum’s Pepe (PEPE) and Solana’s Dogwifhat (WIF). The main question is whether FLOKI’s listing on Coinbase will drive its price in the coming days.
Coinbase supports FLOKI
However, the meme coin’s value remained unchanged following Coinbase’s announcement on X (formerly Twitter). As of now, Flocks The price fell by more than 5.3% in the past 24 hours and is trading near $0.000238. During the same period, its trading volume increased by 17%, indicating increased trader and investor engagement with the exchange’s support announcements.
FLOKI Technical Analysis and Upcoming Levels
In addition to price stability, expert technical analysis suggests that FLOKI is on the verge of breaking out of a descending triangle pattern on the four-hour time frame, signaling a potential uptrend. Meanwhile, on the daily time frame, the meme token appears to be consolidating within a tight range between $0.000232 and $0.000275.
Based on recent price action, a breakout of the consolidation area could push FLOKI up 30% to $0.00035 levels in the coming days. As of now, the meme coin appears to be steadily heading toward all-time highs (ATH).
Despite the bullish price action, the 200 Exponential Moving Average (EMA) suggests that FLOKI is in an uptrend as its price is above that level.
Large transaction volume increases
Meanwhile, on-chain indicators further support the meme coin’s bullish outlook. According to data from on-chain analytics company IntoTheBlock, SHIB’s large transaction volume has surged 98% in the past 24 hours. The significant increase in trading volume is primarily driven by whales and institutions, which could signal a bullish trend for the meme coin.
Meanwhile, FLOKI’s open interest fell by 12% over the same period, indicating traders are hesitant to open new positions. This suggests that they may be waiting for the meme coin to break out of a consolidation zone or a descending triangle price action pattern.
