Will the price of FLOKI stall or rise? Here you will find out what the answer depends on!

• FLOKI faces strong resistance at $0.00017480 despite increasing volume and bullish momentum
• A slight increase in daily active addresses and a possible short squeeze could trigger a breakout

Floki Inu [FLOKI] has attracted a lot of attention due to its recent bullish trend, attracting interest from both retail and institutional investors as its price has been steadily increasing. At press time, the altcoin was trading at $0.0001504, up 6.62% in the last 24 hours.

Additionally, 24-hour volume also increased by 19.81% – a sign of increased activity among traders.

However, despite this positive momentum, FLOKI faces a crucial challenge at the resistance level of $0.00017480. Can it finally break through this level and continue rising, or will it retreat like its previous attempts?

FLOKI Chart Overview – Pressure increases with resistance

The daily chart showed the memecoin testing the resistance level at $0.00017480, a key obstacle that it failed to overcome in previous rallies. The Bollinger Bands have narrowed around the price, indicating lower volatility, while the Relative Strength Index (RSI) was at 56.88.

Therefore, FLOKI still has some room to run before an overbought condition occurs.

However, to break this resistance level, buying pressure for the memecoin must increase sharply. As a result, the prevailing technical indicators point to a possible breakout, but only if volume also continues to rise.

FLOKI daily active addresses – is interest coming back?

Interestingly, FLOKI’s daily active addresses increased slightly to 3,653 from 3,560 the previous day. This highlighted a slight increase in user engagement. However, this number still pales in comparison to the increases earlier in the year, when active addresses rose to over 10,000.

Therefore, while the increase in activity is a positive sign, it is clear that FLOKI needs greater retail participation to sustain significant price action.

Additionally, sustained engagement may not be enough to break the resistance level.

FLOKI Liquidations – Short Squeeze on the Horizon?

In the last 24 hours, the memecoin recorded $48.28K in short liquidations, compared to $18.21K in long liquidations. Consequently, this is a sign that pessimistic traders could soon be forced out of their positions, which could put significant upward pressure on the FLOKI price.

Additionally, if FLOKI manages to break through resistance, a potential short squeeze could further fuel its rally.

Long/Short Ratio – Are the Bears in Control?

The long/short ratio was at 0.9952 at press time, indicating an almost even battle between bulls and bears. However, short positions appeared to be slightly ahead at 50.12%, reflecting a degree of caution among traders.

Therefore, if the memecoin fails to break through the resistance, the bears could quickly regain control. On the other hand, a successful breakout could force the bears to cover their positions.

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Realistic or not, here is FLOKI’s market cap in BTC terms

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Ultimately, FLOKI’s future depends on whether it can break the resistance at $0.00017480.

While increasing volumes and increasing short liquidations are encouraging, the lack of significant daily exposure is a cause for concern. If traders can maintain buying pressure, FLOKI could push higher.