FLOKI’s gains have coincided with the launch of its tokenization platform, TokenFi, and the hype surrounding Bitcoin ETFs. However, there are concerns about the sustainability of the rally.
FLOKI’s price has surged over 140% to $0.00004261, its highest level in five months.
The launch of TokenFi has provided an additional boost to FLOKI’s gains, with users being able to stake their FLOKI holdings to receive TOKEN.
The daily relative strength (RSI) of FLOKI is at its most overbought level since January 2023, which could indicate a potential correction period.
If FLOKI’s rally stalls, it could drop towards its Fibonacci retracement lines, potentially down 20% from current levels.
Memecoins like DOGE and SHIB have generally underperformed compared to top-ranking cryptocurrencies like Bitcoin in 2023.
Speculators are attracted to memecoins for maximum returns in minimum time, but they can also experience drastic falls when risk sentiment exhausts.
The future rally of memecoins largely depends on the ETF update and its impact on the BTC price.
Summary:
– FLOKI’s gains coincide with the launch of TokenFi and the Bitcoin ETF hype.
– The rally may not be sustainable, as FLOKI’s RSI is overbought and previous instances have led to price declines.
– If the rally stalls, FLOKI could drop towards Fibonacci retracement lines.
– Memecoins like DOGE and SHIB have generally underperformed compared to Bitcoin.
– The future rally of memecoins depends on the ETF update and its impact on BTC price.
