Floki’s bullish trajectory remains intact and valid in the higher time frame. The price retraced some weeks back but later rebounded as it posed for a fresh impulsive rally. A big recovery lies ahead!
While most meme coins are falling heavily to their lows every week, Floki continues to gain traction amid the alarming negative sentiments in the overall market.
Since the price started to increase in January, it has remained in an upward spiral. However, the cryptocurrency has retraced twice but has equally found support. This provided a discount for buyers and is looking ready to resume the bullish impulsive move.
As spotted on the daily chart, it just formed another bullish pattern with a bounce off the $0.00004 level a few hours ago. This should trigger a massive price movement in the next few days to keep the bulls on track. However, a surge below the current bounce level may cause another sell-off.
Floki is topping the chart on the CoinMarketCap as the best-gainer of the market with 10% gains over the past hours. Considering the price action from the all-time high, it still looks cheap on a daily.
Sentiments might appear bearish for now, but the trend remains bullish from a mid-term perspective. The price is expected to keep rising until buying momentum exhausts – probably when the volume fades or liquidity outflows.
Floki’s Key Levels to Watch
As seen in the above chart, the price just surged through the $0.000044 price level after a three-day consolidation. At the $0.000045 level, the immediate resistance levels for an increase are $0.0000557 and $0.0000685, marked as the current yearly high. Surging through these resistance levels should shoot the price at $0.00008 and $0.0001.
On the other hand, a decrease below the holding $0.0000369 support level could pull the price to $0.0000255 and potentially to $0.00002 – the first correctional level in February.
Key Resistance Levels: $0.0000557, $0.0000685, $0.00008
Key Support Levels: $0.0000369, $0.0000255, $0.00002
- Spot Price: $0.000045
- Trend: Bearish
- 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
