The bullish rally for Floki started when the price witnessed the formation of the golden cross at the start of February. The bulls were pushing the price up since the beginning of 2023, but the formation of the golden cross helped the price gain enough bullish momentum to form a high at $0.00006793.
The impulsive did help in forming a high, but the price rejected it heavily and caused a downfall of approximately 60%. The Floki price did try to retest the highs on April 25 but was again rejected from the $0.000063 level.
As of now, Floki’s price is on the verge of a breakout from the recently formed support at $0.00003470. If bears can push the price below the recent support, there is a higher probability that the price might reach $0.00003190.
Floki, since the start of 2023, has been in an uptrend forming higher lows. On the other hand, if bulls can push the price above $0.00003730, a break and close above this level can confirm a bullish run towards the $0.000045 level leading to upper wick getting filled, which was formed on May 11.
Recent Growth In Floki Inu Ecosystem
Floki, the meme-coin that originated after the name of Elon Musk’s pet Shiba Inu has accomplished a milestone of getting listed in three cryptocurrency exchanges. Floki Inu has reached the doors of the Philippines exchange called Coin.ph, users will now be able to trade Floki with the Philippines peso. The second listing was on the ABX platform of Dubai in the United Arab Emirates(UAE). Hotcoin has also listed Floki in Australia. The news resulted in the price gaining 10%.
Floki cryptocurrency has also announced a partnership with the international table tennis federation(ITTF) for championship finals which will be held from May 20 – 28. Floki will receive a slot for advertising of field of play at all matches and its brand will appear on all World table tennis platforms.
Will Floki Price Reach $0.00010 By The End Of 2023?
Chaikin Money Flow score is -0.34, indicating strong weakness in the market. As bears have started to jump in the market to push the price below recent support, there has been a decrease in the strength.
Floki’s price has crossed below the 20-day SMA of Bollinger after traversing the upper band of Bollinger and headed towards the lower band. RSI trades at 48.17, indicating the price is in a neutral territory facing the same pressure from bulls and bears.
The longs/shorts ratio is 0.77, with 43.52% longs and 56.48% shorts, indicating an increased selling position in the market. The longs position has been decreasing since 11 May from 49.33%
Conclusion:
The market structure and price action for Floki at the current moment is bearish, but the overall trend seems to be in a bullish trend.
Technical levels:
Major support: $0.00003190 and $0.00002767
Major resistance: $0.000045 and $0.00004770
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/16/floki-inu-price-prediction-floki-price-breaks-recent-support/