As most Doge-themed coins continued to gain traction, Floki’s price further increased by 15% today to reach its highest trading level in four weeks. It currently appears strong on the day but remains bearish.
In continuation of the early monthly bounce, Floki has attracted another 20% gains in a fresh weekly surge with no signs of drops at the time of writing. Although, it may halt buying if the bears intercept the latest moves.
But looking at the recent price actions, which suggest a steady rise in the buying volume level, the bulls might sustain pressure for a while due to the latest increase across the crypto space.
The $0.00016 monthly breakdown level is now considered as a barrier for the bulls as it may pose a threat on their way. But there’s no signs of reversal yet as the market remains in a downward range.
However, the bulls are trying to step back from a technical perspective. The latest move is considered a retracement of a bearish move that started from $0.00035 in June. Looking back, we can see that the meme coin is still maintaining a lower low and lower high pattern.
A shift in the bearish structure would be considered if Floki starts to make a higher high and higher low pattern daily. But as it stands, the market is still under the bears’ radar from a mid-term perspective.
Floki’s Key Levels to Watch
Source: Tradingview
The key resistance to keep in mind right now is the $0.000156 and $0.00177 levels. Last month’s $0.00021 high is the next to watch. A break above it should trigger a slight shift in the trend to $0.00025 and $0.0003 in the short-term.
Right now, the $0.00011 and $0.000096 levels are held as support. If the price breaks lower, the $0.0000625 level would be the next support for drops.
Key Resistance Levels: $0.000156, $0.000177, $0.00021
Key Support Levels: $0.00011, $0.000096, $0.0000625
- Spot Price: $0.0000139
- 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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