- FLOKI trades at $0.0001768 in the last 24 hours.
- Floki to launch its ETP in the Q1 of 2025.
FLOKI is set to become the second meme coin to launch a regulated Exchange-Traded Product (ETP) after Dogecoin, scheduled to release in Q1 2025. The community has voted in favor of a proposal that will support the liquidity needed for the ETP launch.
The proposal was passed on December 27 with 99.9% of votes in favor, 332.7 billion votes in particular supporting the initiative. In addition, the Floki ETP will debut on the SIX Swiss Exchange.
The proposal sought approval to make use of part of the 16.3 billion FLOKI tokens from the community buyback wallet to provide liquidity for the ETP, valued at around $2.8 million. On the other hand, the remaining tokens will be burned in order to decrease the supply.
The dog-themed meme coin, FLOKI, has lost its momentum by over 1.94% in the last 24 hours. The meme coin opened the day trading at $0.0001719 and chose to trade on the downside, marking the lowest at $0.0001730.
At the time of writing, FLOKI traded at $0.0001768 with a market cap of $1.7 billion. Meanwhile, the daily trading volume of the meme coin has dropped by over 37.48% to $218 million, as per CMC data.
Can FLOKI Break Through the Next Level?
The Moving Average Convergence Divergence (MACD) line of the FLOKI/USDT trading pair is situated briefly above the signal line. This crossover indicates a shift in momentum toward its bullish side. If the MACD falls below the signal line, it reflects weak buying pressure.
FLOKI chart (Source: TradingView)
Moreover, the technical indicator that accesses the capital flow, Chaikin Money Flow (CMF), is found at -0.14, hinting at negative money flow. The selling pressure is stronger than the buying pressure in the market.
FLOKI’s trading window revealed the short-term 9-day moving average above the long-term 21-day moving average are equally positioned. It is interpreted as a signal to wait for a breakout or for a trend direction. Besides, the daily relative strength index (RSI) is 52.61, indicating the asset’s neutral condition.
The four-hour price trend graph discloses FLOKI’s downside trading pattern. If the current trading level continues, the meme coin might face downward corrections, testing the nearby $0.0001740 support. If it can’t hold this level, it may potentially slip toward the $0.0001710 range.
However, if FLOKI’s nearby resistance is broken, the price could mount up to test $0.0001794 resistance. The asset can break $0.0001818 with further momentum. Trading above this level is likely considered a crucial area for continuing the uptrend.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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