Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/span><\/i><\/p>\n Second-tier meme coins outperformed their legacy counterparts during the recent market recovery. In particular, <\/span>Floki [FLOKI]<\/span><\/a> and <\/span>Pepe [PEPE]<\/span><\/a> posted double-digit gains of 37% and 12% respectively over the past week.\u00a0\u00a0<\/span><\/p>\n Is your portfolio green? Check out the <\/span>FLOKI Profit Calculator<\/span><\/a>\u00a0<\/span><\/p>\n On the contrary, <\/span>Shiba Inu [SHIB]<\/span><\/a> and <\/span>Dogecoin [DOGE]<\/span><\/a> posted single-digit weekly gains of 2% and 4% over the same period.\u00a0<\/span><\/p>\n A recent <\/span>report<\/span><\/a> established that FLOKI\u2019s popularity and daily activity outpaced major meme coins and could partly explain the impressive price performance. However, the rally faced headwinds.<\/span><\/p>\n Source: FLOKI\/USDT on TradingView<\/p>\n<\/div>\n The move above $0.000025 tipped FLOKI to reverse losses made since mid-August. Notably, the $0.000025 level was an invalidated bearish order block (OB) on the 12-hour chart. At press time, the level had been retested as support and was a critical bullish interest level.\u00a0<\/span><\/p>\n However, price action faced an overhead hurdle at $0.00003 \u2013 a weekly bearish OB formed on 22 May 2023. The higher timeframe roadblock could prove sticky to further bullish prospects unless Bitcoin [BTC] swings to $37k.\u00a0<\/span><\/p>\n Conversely, sellers\u2019 market edge could increase if FLOKI slipped below support of $0.000025. Southwards, the next support existed at $0.00001988.\u00a0<\/span><\/p>\n Meanwhile, FLOKI\u2019s Spot market demand and buying pressure favored bulls, as the OBV and RSI upticks showed. But lack of substantial capital inflows was a worrying trend as CMF faltered near zero.\u00a0<\/span><\/p>\n Source: Coinglass<\/p>\n<\/div>\n The negative Open Interest (OI)-Weighted Funding Rate meant that bearish sentiment gripped FLOKI\u2019s market as investors had second thoughts on the asset.\u00a0<\/span><\/p>\n A dip in Santiment\u2019s Weighted Sentiment metric confirmed the waning positive sentiment. In addition, the Network Growth dropped sharply and indicated a decline in FLOKI\u2019s traction.\u00a0<\/span><\/p>\n\n
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\nFLOKI faced an overhead hurdle of $0.00003 on the weekly chart<\/h4>\n
![\"FLOKI\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/FLOKIUSDT_2023-10-24_10-35-22.png\")
<\/a><\/p>\nBearish sentiment hit the rally<\/h4>\n
![\"FLOKI\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/FLOKI-funding-rates.png\")
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![\"FLOKI\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Floki-on-Ethereum-FLOKI-10.07.41-24-Oct-2023.png\")