Published 8 hours ago
The ongoing consolidation in Floki coin price is most likely a temporary pause in its uptrend to replenish the bullish momentum. The sideways trend has lasted for over two weeks now as the coin price shows demand pressure at a 50% Fibonacci retracement level at $0.000038. should you enter this dip or there’s more to this correction phase?
Key Points:
- The combined support of 0.5FIB and $0.000038 creates a strong accumulation zone for buyers
- A possible breakdown from $0.000038 support could tumble the Floki price by 15-18%
- The intraday trading volume in the Floki coin is $30.9 Million, indicating a 31% gain.
Source- Tradingview
After witnessing an explosive rally from Mid-January-to-February, the Floki token price formed a local top at the $0.00006 mark. Following this aggressive uptrend, the asset’s price often shows a minor counter-trend move to replenish the exhausted bullish momentum and check price sustainability at higher levels.
Amid the increasing bearishness in the crypto market, the Floki price tumbled 36% from $0.00006 resistance and plunged to 0.5FIB at $0.000038 support. Currently, the price action has turned sideways above the aforementioned support trying to obtain suitable footing for further rally.
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However, as the overall market sentiment remains negative, the Floki price might need more trading days to present bullish reversal signs at $0.000038 support. If the bullish momentum recuperates, the buyers may drive the price to the overhead resistance of $0.0000453, followed by $0.00006.
On a contrary note, if the coin price gives a daily candle closing below $0.000038, the coin holders can expect the next significant support zone at 0.618 FIB level near $0.0000325.
Technical Indicator
EMAs: the falling Floki price dipped below the 20-day EMA slope encouraging the sellers to a prolonged bearish correction.
RSI: despite the ongoing correction, the daily RSI slope holds above the midline(50%) indicating the market sentiment remains bullish.
Floki Coin Price Intraday Levels
- Spot rate: $0.000041
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $0.000045 and $0.00006
- Support levels- $0.0000382 and $0.0000325
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-prediction-floki-coin-at-risk-of-15-drop-if-buyers-lose-this-support/