While several meme coins show signs of weakness in the past few days, Floki’s trend remains strong and continues to gain traction daily. It starts this week bullish following another impressive gain in the past 24 hours.
After posting a staggering 900% increase in a month, Floki’s price is still looking super bullish on the daily timeframe with no signs of weakness at the time of writing.
However, things may fall apart soon following a series of rejections in the past few days. The bears are trying to intercept the rally but the bulls are not giving up yet. From the look of things, the meme coin is likely to retrace shortly.
Looking back to when this second bullish phase started in February, Floki appeared to be forming an Elliot Wave pattern on the daily chart. Technically, the price is almost reaching the peak of the third wave. Though, the bulls are still eyeing the $0.0003 level.
Fundamentally, there’s still room for an increase on the daily chart. If the price fails to close above the $0.000298 level, tested as the current peak price, we can expect a brief retracement move as the fourth wave before resuming bullish impulsive for the last wave.
It is important to note that Floki’s bullish trend remains intact from a mid-term perspective. Currently, there are no signs of the bears in the market.
Floki’s Key Levels to Watch
The $0.0003 level is now serving as key resistance to watch for more breakups. A successful increase above this level could rally the price to $0.00035 and $0.0004 in the next leg up.
In case of a retracement, the closest level to consider as support is $0.00025, followed by $0.00023. Failure to bounce off these levels may trigger more drawdown to $0.0002 before rising back.
Key Resistance Levels: $0.00030, $0.00035, $0.0004
Key Support Levels: $0.00025, $0.00023, $0.0002
- Spot Price: $0.000282
- 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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