Published 48 mins ago
The Floki coin in the daily chart shows signs of a trend reversal as the prior sideways price action started forming new higher highs and higher lows. Moreover, if we connect the lows of the ongoing price rally, we see a new ascending trendline supporting the bullish recovery. Here’s how trades may use support to prolong a sustained bull run.
Key Points:
- The rising trendline may carry a sustained recovery in the FLOKI price
- The potential breakout from $0.000041 resistance may accelerate the buying momentum in the market.
- The intraday trading volume in the Floki coin is $51.2 Million, indicating a 33% gain.
Source- Tradingview
On May 11th, the Floki price rebounded from the aforementioned support trendline with a morning star candle. This reversal candle pattern at strong support may increase the buying pressure in the market and more likely push the memecoin to higher levels.
With sustained buying, the FLOKI price may surge 12% to breach the immediate resistance of $0.00004. This potential breakout may offer buyers a significant launchpad to rise this memecoin’s market value 58% higher to hit the supply zone of $0.0000571
Also Read: Best Cryptos Private Sale For 2023
Moreover, in the big picture, the Floki price shows the formation of a rounding bottom pattern. This pattern is one of the famous bullish reversal may which encourage accumulation from traders and lead a sustained recovery.
Under the influence of this pattern, the Floki price is likely to hit the neckline of $0.000068 for a bullish breakout.
On a contrary note, a breakdown below the support trendline may weaken the bullish thesis.
Technical Indicator
Relative Strength Index: The daily RSI slope wavering around the midline reflects neutral sentiment in the market
Exponential Moving Average: The Floki price trading above the daily EMAs(20, 50, and 100) reflects the overall trend as bullish.
Floki Coin Price Intraday Levels
- Spot rate: $0.0000259
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $0.00004 and $0.00005
- Support levels- $0.0000315 and $0.000027
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/floki-price-analysis-floki-price-hints-12-rise-this-week-but-thats-just-the-beginning/