Floki’s outlook has turned more bearish due to the recent price breakdown to a five-month low. It bounced briefly off the low and is now showing signs of strength on the day following a 10% increase since yesterday.
Last month, Floki went through a short retracement after rejecting a crucial $0.00013 support area. The retracement brought an impressive gain which was later halted after a bearish interception at $0.00021.
This led to a drop and the price tumbled consistently until it bottomed slightly under $0.000096 on Monday, positioning the market in a more bearish condition. But fortunately, it rejected the bottom price level and recovered half of the daily loss.
Currently, Floki is testing the crucial support area as resistance. This latest increase looks more like a pullback of the recent breakdown.
As seen on the daily chart, it has faced rejection in the past hour. Despite that, the price has remained strong on the daily chart. More recoveries can be expected if the trading volatility increases.
However, if the bears intercept the latest move just like what we saw in late July, Floki could resume sell-off in no time. The price level to watch for such a drop would be in the $0.00004 range.
Floki’s Key Levels to Watch
The closest obstacle level for Floki in the latest bounce is the $0.000156 resistance, followed by $0.0000177 and $0.00021 (July’s high). A break above this high could facilitate bigger recoveries in the future.
For now, the $0.000096 level is supporting the market. If it collapses, the lower supports to watch for sell-offs are $0.0000625 and $0.00004.
Key Resistance Levels: $0.000156, $0.000177, $0.00021
Key Support Levels: $0.000096, $0.0000625, $0.00004
- Spot Price: $0.0000129
- 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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