FLOKI vs Dogecoin: Buy, Sell or Hodl in June?
As June unfolds, the global cryptocurrency market has successfully bounced back from a recent downturn. This move has seen Bitcoin crossing the $70,000 threshold, to trade above $71,000. Altcoins have not been left behind, with the likes of Toncoin (TON), Floki Inu (FLOKI), and Binance Coin (BNB) hitting new all-time highs today, on June 5 2024. In this booming market, the question at hand is whether investors should buy, sell or hold (hodl) FLOKI and Dogecoin. Let’s explore and delve into the analysis of these two trendy meme coins in order to make a well-informed choice.
FLOKI vs Dogecoin: Current Market Performance
FLOKI has demonstrated substantial growth compared to Dogecoin (DOGE). Floki Inu token is currently trading at $0.0003328, having experienced an increase of 25.14% over the past day, 14.76% over the past week, and 70.81% over the past month.
This growth has propelled FLOKI’s market cap to $3.18 billion, securing its place as the 36th largest cryptocurrency, according to CoinMarketCap. The market has experienced heightened trading activity, with its 24-hour trading volume soaring by 74.09% to reach $1.38 billion, ranking as the 10th most-traded cryptocurrency over the same period.
The increased interest in investors and traders has pushed FLOKI to the all-time high of $0.0003462.
On the other hand, Dogecoin is trading at $0.1635, seeing growth of 3.44% in the past day. However, DOGE’s performance in the mid and long-term has stagnated, with a slight decline of 0.77% over the past week, and a slight increase of 0.75% over the past month.
Nevertheless, the pioneering meme coin has a higher market cap than FLOKI’s at $23.64 billion, placing at the 8th position. DOGE is trading down 77.76% down from the all-time high o $0.7376, it achieved on May 8, 2021.
FLOKI vs Dogecoin: Technical Analysis
To understand its future trajectory, we need to examine key technical indicators.
The moving averages of FLOKI for various timeframes indicate a strong buy. The Simple Moving Averages (SMAs) and Exponential Moving Averages (EMAs) show a buy signal. This consistent bullish trend for both long-term and and long-term averages demonstrate a strong positive outlook.
The oscillators are mostly neutral with a slight lean towards buy signals. The Relative Strength Index (RSI) at 72.93 is in the overbought territory, which might indicate a potential pullback, but it is still a neutral stance overall.
The MACD level is positive at 0.0000258055, supporting a buy action. This indicates that despite being overbought, the buying pressure remains strong.
For Floki Inu, the Fibonacci retracement levels provide critical support and resistance points. The current pivot point is at $0.0002371020, with support at $0.0001608744 and resistance at $0.0003310124.
By trading above the pivot point and getting closer to the first resistance levels, shows a bullish momentum.
Similar to Floki Inu’s, the moving averages of Dogecoin signal a buy across various timeframes. The EMAs and SMAs all suggest a buy, showcasing a strong upward trend.
The oscillators for Dogecoin show a mixed but generally neutral outlook. The RSI is at 53.65, which is neutral, indicating neither overbought nor oversold conditions. The MACD level, however, is negative at 0.00153, suggesting a sell action.
This mixed signal from the oscillators calls for cautious optimism.
Dogecoin’s Fibonacci pivot point is at $0.15122, with support at $0.12750 and resistance at $0.18260. DOGE trading above the pivot point and heading towards the first resistance level indicates a positive trend, although it faces more volatility compared to FLOKI.
Conclusion: Buy, Sell or HODL?
Floki Inu (FLOKI):
With robust buy signals across all key moving averages and supportive momentum indicators like MACD, FLOKI appears to be a strong candidate for buying. However, the RSI nearing overbought territory warrants caution. Investors might consider buying FLOKI but should stay vigilant for any signs of a market correction.
Dogecoin (DOGE):
Although DOGE shows bullish signals in its moving averages, the neutral oscillators and MACD sell signal suggest mixed sentiments. This indicates that while DOGE has potential, it might face some volatility. Holding DOGE could be a prudent strategy, with a close watch on market movements for any breakout opportunities.
As always, before making any decisions, it is important for potential investors to take into account their risk tolerance and market conditions
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