Floki increased nicely in the latest market recovery but struggling to push above a key resistance level. Its bullish trajectory remains intact despite facing multiple rejections in the past week.
Floki caught many traders unaware this month with an unexpected surge that exploded its price by 7x to the peak of $0.000314. After facing resistance in the mid-month, it saw a sharp rejection and quickly cooled off heat.
That rejection led to a notable correction and the price dipped to a low of $0.000161. The low level bolstered well and the price recovered with an engulfing candle, indicating that the bulls are back in the market.
Unfortunately, trading volatility dropped significantly and the price stalled under the $0.000259 resistance level following multiple rejections. Despite that, the trend remains bullish on the daily chart.
It appeared weak on the hourly following an overnight failed attempt to break up. If the price continues to face rejection, the meme coin may lose momentum and drop heavily. The monthly breakout resistance level may be retested as support.
But if Floki’s bulls mount pressure at this resistance, we may see a big break-up. Right now, the daily volume indicator is down, suggesting capital outflow at the press time. Still, the bulls are in control.
Floki’s Key Levels to Watch
Above the earlier mentioned key resistance lies the important $0.000314 resistance, where it initiated a drop in the mid-month. Breaking through it could allow buying to $0.0004 in the future.
The $0.00022 level currently acts as weekly support. If it collapses, we may see a rollover to the $0.00020 and $0.000161 support levels with a potential dip to $0.00011.
Key Resistance Levels: $0.000259, $0.000314, $0.0004
Key Support Levels: $0.00020, $0.000161, $0.00011
- Spot Price: $0.00025
- 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.
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