Amid the latest crypto meltdown, Dog-themed meme coins suffer the most loss as Floki leads the park with a 15% drop in the last 24 hours. It appeared bearish daily and now sits above September’s high.
The past month has been tough for Floki as it failed to advance bullishly above the $0.0003 level. An attempt to break above this key level earlier this month proved abortive and the crypto formed a double-top pattern.
This bearish pattern led to a serious breakdown this week and the price plunged below the key $0.0002 level yesterday. Volatility increased today and it slipped to a low of $0.000177 for the first in three months.
Rejecting this low, the price bounced back and now trades at $0.000188. A further bounce could bring a fast retest at the broken key level before deciding on where next to head. For now, the bears are gaining control.
However, it is important to note that the latest breakdown is considered a retracement of last month’s impulsive movement. We can expect the bulls to step back in action if the current daily low holds as support.
Otherwise, Floki may enter the $0.00015 range before bouncing back. Looking back, it has seen over $25% losses in the past month of trading.
Floki’s Key Levels to Watch
A drop below the holding $0.000177 support level could slide the price to a low of $0.0001483 this week. The lower price level to watch for support is $0.000125 – where it initiated a surge in volatility last month.
The $0.00021 level is considered the closest resistance for a test. If Floki climbs above it, the $0.000283 resistance is the next level to watch for a break up to the $0.00035 resistance – printed in June.
Key Resistance Levels: $0.00021, $0.000283, $0.00035
Key Support Levels: $0.000177, $0.0001483, $0.000125
- Spot Price: $0.000188
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/floki-price-analysis-prediction-december-20-floki-drops-to-three-month-low-following-a-serious-breakdown-can-it-recover/