Floki Inu (FLOKI) Rallies 10% as the Ethereum (ETH) Spot ETF Approval Rays Continue to Shine

The Floki price surged 10% in the past 24 hours to trade for $0.00029 as of 05:01 a.m. EST on trading volume that soared climbed 5%.

The Floki price enjoyed a 10% surge over the past 24 hours, bringing its value to $0.00029 as of 05:01 a.m. EST, while trading volume also saw a 5% increase and soared to higher levels.

The rising Floki Inu price follows the approval of the Ethereum spot ETF (exchange-traded fund) on March 23, with Floki Inu trending together with Shiba Inu (SHIB) and Pepe (PEPE). According to the FLOKI ecosystem, the surge is also attributed to the launch of the Floki Trading Bot beta and the start of trading on Coinbase futures on Thursday.

#Floki is once again the talk of the town on X, trending alongside #memecoins, $SHIB, $PEPE, and Binance.$FLOKI is generating significant excitement due to the #FlokiTradingBot beta launch and the start of trading on Coinbase futures tomorrow! 🔥 pic.twitter.com/xHM2fmD3Uj

— FLOKI (@RealFlokiInu) May 29, 2024

FLOKI Price Prediction

The Floki price is trading with a bullish bias after breaking above the confines of the ascending parallel channel. The odds continue to favor the upside, with the RSI recording higher lows to show a growth in bullish sentiment.

The Moving Average Convergence Divergence (MACD) has also maintained above the orange band of the signal line. This shows that bullish sentiment is still growing and that the upside potential for the FLOKI price remains viable.

If bullish momentum grows enough to overcome resistance due to the equal highs of $0.0003115, the FLOKI price could extend a neck higher to tag the $0.0003314 roadblock. A break and close above the aforementioned level would send the Floki Inu price to a new all-time high.

It is worth mentioning that the FLOKI price has historically followed Shiba Inu (SHIB) whenever it rallies, only more aggressively. Traders looking to take long positions on the FLOKI price should therefore watch for a buy signal on the Shiba Inu price.

Meanwhile, markets are also expecting that the largest exchange in the U.S., Coinbase, will list Floki Inu for perpetuals trading on May 30. With this, a Coinbase effect, where the asset to be listed rallies, should be expected.

BREAKING: $SHIB is up 18% over the last 24 hours. Historically, $FLOKI has always followed #SHIB when it rallies, but more aggressively. Several crypto analysts have predicted that #FLOKI will be THE main #memecoin of this bull run. #Coinbase will list Floki perps on May 30,… pic.twitter.com/mRtAulTNtl

— BITCOINLFG® (@bitcoinlfgo) May 29, 2024

GeckoTerminal: FLOKI/USDT 1-day chart

Converse Case

Conversely, if the RSI, which is now forming a dome shape, crosses below the 70 threshold, it would signify that FLOKI is ripe for selling. This is based on Welles Wilder’s interpretation of an overbought asset. Such a move would provoke a sell-off. This could see the FLOKI price extend the fall.

In case of a downtrend, the FLOKI price could drop to $0.0002683, below which the Floki price could roll over to find the next support at $0.0002204. A breakdown of this support level would toss FLOKI in the hands of the bears. In a dire case where the price slips below $0.0001756, it would invalidate the bullish thesis.

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Promising Alternative To FLOKI

Dogeverse is a pioneering force in the crypto universe as the first meme coin to launch on the six most used blockchains after Bitcoin. It calls itself “The World’s First Chain Traveling Doge.”

🌍 Welcoming #Blockchain Inclusive Accessibility! 🚀#DOGEVERSE extends its arms to a broad spectrum of enthusiasts, ranging from #Ethereum devotees to those favoring the swift, economical advantages of #Solana or #Polygon, nurturing a varied and inclusive community. 🐶✨ pic.twitter.com/Oj5o7h2o3i

— DogeVerse (@The_DogeVerse) April 23, 2024

While most meme coins are limited to just one blockchain network, Dogeverse is atop Ethereum, BNB, Polygon, Solana, Avalanche, and