FLOKI, which rose 6% for the week after Elon Musk posted an AI-generated video of his Shiba dog Floki sitting on his CEO’s desk, has recently seen further gains, rekindling risk appetite for the meme coin despite a 3% decline in the overall crypto market.
Within hours, FLOKI’s price soared nearly 30%, 24-hour volume exploded 780-817% to approximately $656-662 million, and the token hit an intraday high of around $0.000088, its highest level in nearly two weeks.
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Mentions on X, Reddit, and Telegram increased by 65%, and the cryptocurrency Fear & Greed Index tweaked from Fear (37) to Neutral (52), indicating new retailer participation. Dogecoin (DOGE) and Shiba Inu (SHIB) posted slight gains, but FLOKI led the meme coins by a wide margin.
Breakout incidents and bull trap warnings
the engineer says Phlox is retesting the key demand band around $0.00008. The daily close and holding above $0.000075 maintains a potential breakout towards $0.00009, with $0.00010 possible if momentum and volume hold.
Open interest surged 162% to around $37.5 million, with $275,000 of shorts wiped out by long-side liquidations during the squeeze. On Binance, negative funding suggests that crowded shorts are paying to maintain their positions, which will fuel further upside if the price rises.
Still, some analysts are pointing to the risk of a bull trap. The RSI trended toward overbought (>70) during the rally, which has historically been a zone that invites cooling moves. A quick reset to the 50-70 range will give you a healthier stepping stone.
The liquidity “heat map” shows dense clusters both above and below the spot, suggesting two-way volatility as price looks for orders before choosing a direction. If FLOKI fails to recover/retain $0.00009, technologists will focus on a pullback to $0.000072, with a deeper bearish case pointing to $0.00004 if risk aversion returns.
FLOKI's price records some losses after a small push upwards on the daily chart. Source: FLOKIUSD on Tradingview
Key FLOKI levels as market declines 3%
FLOKI is currently trading around $0.0000737, down 12% on the day and reflecting the broader market. market downturnBitcoin is around $107,000 and Ethereum is around $3,800.
In the short term, traders are keeping an eye on key technical levels that could dictate FLOKI’s next move. Immediate support lies between $0.000072 and $0.000070, with deeper downside risk towards $0.00004 if momentum cannot be maintained.
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The $0.000080 level will serve as an important pivot point, and a decisive break above it will strengthen the bullish trend and pave the way for higher targets. Upside resistance lies at $0.00009, followed by $0.00011 if the buying volume expands.
With liquidity thin and sentiment still fragile after recent liquidations, the celebrity-driven rally could quickly become overextended. However, if flows remain constructive, negative funding continues, open interest remains high, and spot demand is confirmed, FLOKI could rekindle its rally and break above the psychological $0.00009 level.
Cover image is from ChatGPT, FLOKIUSD chart is from Tradingview
