After recovering above a key psychological level some weeks back, Floki pulled back and found another support this week. It later showed signs of strength and slowly built up as it formed a fresh bullish pattern.
The meme coins industry is slowly coming up again following consistent growth in the market cap, gaining traction in the latest market evaporation.
As a result, Floki bounced back and started to show signs of strength as buying volume increased daily. Following these impressive gains, it has formed a double-bottom pattern and is now looking set to explode massively in the daily timeframe.
Technically, this pattern came after locating solid support at $0.00011 last month. It bounced for a week and pulled back before reestablishing support above the $0.00014 level on Wednesday.
It tested $0.0002 a few hours ago but has seen a slight rejection to where it currently changing hands at $0.000195. We can expect more gains in the coming days considering the latest buy signal on the daily graph.
Additionally, the break and retest pattern on the descending trendline also indicates a potential bullish reversal, which could skyrocket the price significantly above the current yearly high.
Aside from Floki, other major meme coins have performed well in the last 24 hours as they currently look poise for a huge price movement on the macro-outlook.
Floki’s Key Levels to Watch
Flok is facing resistance at $0.0002 at the moment. A daily close above this resistance could propel buying to $0.000222 by the end of this week before targeting the $0.000265 and $0.000314 levels in the coming week.
Right now, it sits on an hourly $0.000183 and a weekly $0.000145 support. Below it lies the $0.00011 support, marked as the April low.
Key Resistance Levels: $0.000222, $0.000265, $0.000314
Key Support Levels: $0.000183, $0.000145, $0.00011
- Spot Price: $0.000195
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!