Floki has been gaining traction since yesterday due to a sudden surge in volatility. While the trend is still in a downward range on the short-term outlook, the bulls are trying to step back with a strong commitment.
Last weekend marked a temporal halt in Floki’s bearish pattern after experiencing a steady bloodbath throughout the week. Due to a sharp rejection, it pinned support above $0.00011 and bounced slowly.
However, trading volatility dropped this week and the price remained indecisive until yesterday when the third best-performing meme coins by market cap witnessed a notable surge as it went through its highest volatile session since March 6.
The price looks very strong today as it approaches a crucial resistance trendline. A rejection there could facilitate another sell action in the market. Breaking it should activate a new bullish phase for this asset.
From a technical standpoint, the meme coin is still maintaining a lower low and lower high pattern on the daily chart. But fundamentally, the market sentiments appeared to be changing due to the recent halving event.
This event came with a lot of positive sentiment so far as expected and as a result of that, Floki and other meme coins are now bouncing back strong, looking greenish on the day. No signs of selling at the moment.
Floki’s Key Levels to Watch
The price is almost retesting a parallel resistance at $0.000183. Surging through the resistance trendline could send the price to $0.000222 and $0.000265. the higher level to watch for a breakup lies at the $0.000314 level.
In case of a drop, there’s a close support level at $0.000145. Below it lies last week’s $0.00011 support. A crackdown from there should activate another lower low movement to $0.000068
Key Resistance Levels: $0.000183, $0.000222, $0.000265
Key Support Levels: $0.000145, $0.00011, $0.000068
- Spot Price: $0.000174
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: anaki2405/123RF // Image Effects by Colorcinch