FLOKI investors long while sell signal surfaces – Free Medical Books

FLOKI investors long while sell signal surfaces

FLOKI has been constantly rising over the past week, marking a 30% surge in seven days. The rally has helped the asset reach a local top as more investors hop in.

FLOKI is up by 3.5% in the past 24 hours and is trading at $0.000041 at the time of writing. The asset’s market cap rose to $387 million with a daily trading volume of $132 million — FLOKI is the 123rd largest cryptocurrency. 

FLOKI investors long while sell signal surfaces - 1
FLOKI price, social volume, open interest and total funding rate – Dec. 5 | Source: Santiment

Moreover, data from DYOR.net shows that FLOKI is the top USDT trading pair on the largest crypto exchange, Binance. The memecoin has a daily trading volume of around $38 million on Binance. 

The recent bullish momentum for FLOKI has helped it reach its seven-month-high — a price point last seen in early May.

According to data provided by the market intelligence platform Santiment, FLOKI’s social activity has doubled — rose by 100% — over the past day. 

Furthermore, Santiment data shows a 20% rise in FLOKI’s total open interest (OI) as more traders try to profit from the memecoin’s bullish momentum. Per data from the market intelligence platform, FLOKI’s total OI hiked from $2.2 million on Dec. 4 to $2.6 million at the reporting time.

According to Santiment, the surge in FLOKI’s OI comes as long-position holders dominate the asset. The total funding rate aggregated by FLOKI tripled over the past day, rising from 0.02% to 0.06%, per Santiment.

On the other hand, the memecoin’s price-daily active addresses (DAA) divergence declined to negative 151%, suggesting a strong sell signal, according to Santiment data. The “sell signal” surfaces as FLOKI’s recent upward momentum might have been triggered by big whales and high volatility is expected. 

Follow Us on Google News

Leave a Comment