After getting listed on Binance.US, the price of Floki insanely exploded by 90% yesterday to a new monthly high. It has washed more than half of the gains over the past hours and still holds roughly 40% at press time.
Floki precisely tapped $0.00005 following an insane price increase over the past 24 hours. buying volume has dropped a little at the moment.
During the first quarter, it recovered well above the $0.00001 level and rallied by over 500% to tap $0.0000681. Unfortunately for the bulls, it encountered resistance and the price rolled back.
The asset has started to gain traction again after correcting by more than 50% in the past two months. Now that the bulls are back in action, we can expect more positive moves in the next few days.
But currently, the price is retracing as it looks for a retest around the $0.000031 level. The price may not even drop to that level before it bounces back. As of now, the bulls are looking for a good entry-level to initiate a buy.
Should the price fail to bounce back at the mentioned level, Floki may resume a downward trend and continue to find a new low. However, as it stands now, there’s no room for a breakdown. Such a scenario may come if the price slip below $0.000025. The asset remains the top gainer of the week despite the drop in volatility.
Floki’s Key Levels to Watch
The recently flipped level of $0.0000309 remains a key support to watch for a retest. If the price drops below it, there is still hope for buying at the $0.0000255 and $0.00002 support levels.
If Floki resumes buying, it would need to retake the $0.0000416 and $0.00005 resistance levels before rising further to $0.0000557. The vital breakup level for a long-term rally lies at $0.0000681.
Key Resistance Levels: $0.0000416, $0.00005, $0.0000681
Key Support Levels: $0.0000309, $0.0000255, $0.00002
- Spot Price: $0.0000365
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: velishchuknatali/123RF // Image Effects by Colorcinch
