Market Analysis

FLOKI PRICE ANALYSIS & PREDICTION (May 16) – Floki Faces Rejection Again After Rising 10% Weekly, Can It Scale Through This Tough Resistance

Following another rejection, Floki paused buying earlier today and pulled back on the lower timeframe. But it appeared to be rising back after increasing by 3% increase in the past hours – looking for a breakout. 

So far, Floki has registered notable gains since it started to show signs of strength some weeks back. It may be facing tough resistance at $0.0002 but the gains have brought a sigh of relief in the market as the bull step back. 

Looking at the price actions, it is technically footing a bullish move but there’s not much strength in the market. If this resistance flips, it must clear the current yearly high of $0.000314 to confirm a continuation from a long-term perspective. 

The last 24-hour drops appeared to have slowed down buying pressure but we can expect it to resume with the latest recovery, which came after locating hourly support at $0.00018. 

Acting on this support, the bulls have pushed back to around $0.00019 and now aim to retake the current rejected resistance to sustain momentum. A break above this crucial resistance would confirm more upward movement, activating a surge through the current yearly high.

Right now, the bears look weak on the weekly timeframe. If they manage to gain control, Floki loses momentum again. But with the latest bullish setups, a big surge in volatility should be expected.

Floki’s Key Levels to Watch

Source: Tradingview

There’s a close support at $0.000177. The major supports for drops are $0.000145 and $0.00011. If those levels collapse due to a crackdown, the price may plunge to $0.00005. 

As more positive actions are expected, the immediate resistance levels to watch for a breakup are $0.000222 and $0.000265 before surging to the yearly high, where a major breakout lies.

Key Resistance Levels: $0.000208, $0.000222, $0.000265

Key Support Levels: $0.000177, $0.000145, $0.00011

  • Spot Price: $0.00019
  • Trend: Bullish
  • Volatility: Low

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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