- 1
Fall in FLOKI price ends the gleeful aura for the holders. - 2
The rise was witnessed on the new listing that happened later in April. - 3
The correction marked a drop of about 28%.
FLOKI price surged by more than 55% intraday taking into account a fresh listing on a popular crypto exchange. The newly launched memecoin shows correction and establishes a bearish momentum in the market. The memecoin moves in bearish influence despite a positive engagement in the ecosystem. FLOKI congratulates all the champions of Badminton Asia Championship 2023, as a Powered By sponsor of the event. It also gifted champions the limited edition Floki Plush Viking. In spite of the collaboration, the prices continue to rectify the sudden upsurge.
The Monoscope
FLOKI price marks a correction of nearly 28% after a breakout of 56% in a single trading session. The trading volume matches the volatile market and at present displays high selling pressure. The Bollinger Bands diverge and form a static movement to suggest price correction. The falling FLOKI price drops below the EMA ribbon establishing a bearish outlook for the memecoin. The plunge in OBV presents a pessimistic market of FLOKI, as the downtrend turns stronger each day.
FLOKI price marks a sideways bullish trend due to the sudden fall and rise. The Super Trends marks a flat bull trend for FLOKI, which can soon set a discrete trend, after the correction ends. The CCI falls to the negative zone to display a negative difference between present price and historical prices. The MACD converges and forms a negative cross to record sellers’ participation in the market. The RSI drops below the half line to mark a declining interest in buyers.
The Microscope
In the smaller time frame, FLOKI marks the initial stage of a bearish trend, post correction. The Super Trends mark a brief downtrend after a sideways uptrend was recorded. The CCI falls to negative 170-range to display a pessimistic difference between historical prices and FLOKI price at press time. The MACD continues under a bearish crossover and records consistent seller action. The RSI falls to 30-range to indicate sellers gaining dominance in the market.
Conclusion
FLOKI price marks a breakout followed by an immediate correction of about 28% till date. The trading volume suggests a seller-driven market as they push the falling price into bearish trend after the correction is concluded. The declining FLOKI price can test the support near $0.000028545 and decide its further movement.
Technical levels
Support levels: $0.000028545 and $0.000020605
Resistance levels: $0.000045215 and $0.000055595
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/05/01/floki-price-prediction-correction-ending-the-euphoric-phase/