Floki resumed positive actions last weekend and broke through key resistance levels in the past week. It has greenlighted short-term bullish and currently leads the altcoins rally with a 40% gain in the last 24 hours.
After eight months of bearishness, Floki found solid support above the $0.000015 level in September and began to show signs of strength.
During that recovery phase, which brought most altcoins out of their dips, Floki rallied into this month on a bullish note and managed to touch $0.000021 after gaining 50% in a week. It encountered resistance and retraced for days.
Last week, the meme coin found solid ground above the previous support, bounced back and increased consistently until the price reached a daily high of $0.0000426. It fell sharply from that high to where it is changing hands at $0.0000384 at the moment.
This sudden price rejection shows that buying pressure is reaching an exhaustion point. If the asset fails to sustain momentum in the next coming hours, it may establish resistance at the current daily high and retrace for a while before resuming buying pressure on the daily chart.
A bullish reinforcement above the current daily high could activate more rallies to May’s resistance before retracing down. With more than 100% gains in a month, Floki is out of the woods from a short-term perspective and might see more rallies in the upcoming weeks.
Floki’s Key Levels to Watch
An increase above the daily $0.0000426 high could soar the price further to $0.000050 and potentially the $0.000058 level, marked as May’s resistance.
Right now, the immediate support level to consider for a retracement is $0.000030. If this support fails to produce a rebound, Floki may navigate the $0.0000249 level and perhaps $0.000020 for support.
Key Resistance Levels: $0.0000426, $0.000050, $0.000058
Key Support Levels: $0.000030, $0.0000249, $0.000020
- Spot Price: $0.0000384
- 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.