Floki crypto price held steady on Thursday as investors cheered the latest listing by Robinhood, one of the top fintech companies in the United States. It jumped to a high of $0.0001165, up from this month’s low of $0.000098.
Floki Jumps After Robinhood Listing
The primary catalyst for the Floki crypto token was Robinhood’s decision to list it. This listing was notable as Robinhood has become one of the biggest players in the crypto industry in the United States.
The most recent quarterly results showed that Robinhood’s crypto volume jumped to $28.3 billion in the second quarter, up by 32% from the same quarter last year. It ended the last quarter with over 26.5 million customers, some of whom will start trading Floki.
It is common for cryptocurrencies to jump after being listed by major exchanges. However, historically, these post-listing jumps tend to be short-lived as the momentum fades.
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In Floki’s case, the listing came at a time when whales have been selling the token. These whales hold 25.93 billion tokens, down from this week’s high of 26.9 billion and last month’s high of 27.4 billion.
Smart money investors now hold 435.9 million Floki tokens, down from last month’s high of 442 million. These are notable investors who are known for buying low and selling high.
On the positive side, data shows that there are 2.12 trillion Floki tokens in exchanges, a 5% drop from the same period last month. There were over 2.2 trillion Floki tokens in exchanges on July 9.
More data shows that the futures open interest jumped to $52 million, up from this month’s low of $39.9 million.
Floki Crypto Price Technical Analysis
The daily chart shows that the Floki price has been in a slow uptrend in the past few months. It has found support along the 50-day and 100-day Exponential Moving Averages (EMA).
Floki crypto has moved above the 23.6% level at $0.000010. Additionally, it has formed a giant megaphone pattern, which comprises of two ascending and diverging trendlines. A megaphone is a rare and highly bullish chart pattern.
Therefore, the coin will likely continue rising as bulls target the important resistance at $0.0001580, its highest point this year. This target is about 36.4% above the current level. A move below the support at $0.000099 will invalidate the bullish Floki forecast.
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