While most meme coins have taken a downturn in the latest market fall, Floki remains bullish as it reclaims its monthly high earlier today. Despite facing a rejection, it is one of the daily top gainers with a 1.7% increase.
Floki further shows signs of strength today following a 10-day increase from the $0.0001 level. But it appeared to have halted buying pressure due to a rejection at the $0.000162 level – the current daily high.
The rejection, which came as a result of bearish interception, may lead to a major drawdown if the bulls fail to sustain pressure well above the minor resistance level (formerly support) of $0.000165. If that happens, the late February surge level would be the next sell target to watch.
While the bulls are still showing interest on the day, we may see more price growth towards July’s high in the near term. But with the look of things, the bears will likely have an upper hand. If Floki closes below $0.00014, it may join other meme coins in the latest dip.
The overall market bias remains bearish on the macro level. But looking at the price actions since last weekend, Floki is briefly trapped in the middle of consolidation. A surge in volatility should be expected shortly.
Floki’s Key Levels to Watch
As the minor $0.000165 resistance continued to suppress buying for days, higher resistance levels to watch for an increase lie at $0.00021 and $0.00025.
For a bearish move, the potential support level to watch for a drop is $0.00012, followed by the monthly $0.000096 level. If these levels fail to contain selling pressure, the $0.0000625 and $0.00004 levels are the lower price range to consider for support.
Key Resistance Levels: $0.000165, $0.00021, $0.00025
Key Support Levels: $0.00012, $0.000096, $0.0000625
- Spot Price: $0.0000153
- Trend: Bullish
- Volatility: Moderate
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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