FLOKI token price analysis: FLOKI token drives bulls crazy

• FLOKI token price has been on a rise following the overall bullishness in the cryptocurrency market.
• The FLOKI token price was trading in a range on a daily time frame, before breaking out of it, as a result, it has formed a flag and pole pattern.
• FLOKI token price is forming a positive price structure despite a strong fall in the overall cryptocurrency markets.

The FLOKI token price, as per the price action, is super bullish as it broke out of the small range after a long consolidation. As of now, the token price is resting at the long-term demand zone. FLOKI token price is now resting at the breakout zone and therefore a bullish candlestick formation at the demand zone can trigger bullish moves in upcoming days. 

The FLOKI token price traces back to 50 MA

The coin is now trading above both the 14 Simple Moving Average and the 50 Moving Average. Consequently, it is possible to observe that the token price will be supported by its Moving Averages going ahead. The FLOKI token price confirmed the breakout by breaking through the supply zone with a powerful bullish candlestick formation.

After experiencing rejection, the FLOKI token price is now trading below the upper range of the Bollinger band indicator. Despite the breakthrough, the token price has not yet crossed the 100 Moving Average, therefore investors should exercise caution because a significant rejection might occur if the token price moves upward.

The FLOKI token price is forming a flag and pole pattern on a daily time frame

As the token moves closer to the supply region, the RSI curve is now trading at a price of 53.72 on a daily basis. The 20 SMA has not yet been crossed by the RSI curve as of yet. The coin is exhibiting bullishness in the longer time frame on a daily basis by generating higher low and higher high patterns. As it breaks out of the narrow range and the RSI curve rises, the price of FLOKI tokens changes.

The FLOKI token price increased above the supply zone with a powerful bullish candlestick pattern. The coin crossed the sell super trend line, triggering a buy signal. Now, the price of the FLOKI token is trading above the super trend buy signal line.

The breakout of an important supply zone by the token price caused the ADX curve to plummet below the 25 level. The ADX curve is now rising and progressively getting bigger. For the price of the FLOKI token, this is encouraging. The ADX curve predicts that bullish momentum may increase in the next few days. The ADX curve dropped below the 20-point threshold prior to the most recent breakthrough.

Conclusion: The FLOKI token price is bullish as the price action suggests. On a daily time frame, the token price is seen resting at the demand zone. The technical parameters also suggest a bullish move in the price of the FLOKI token price. It remains to see if the FLOKI token price will break out of the small range supply zone on an hourly time frame or fails to do so.

Support: $0.000036 and $00000.29

Resistance: $0.000061 and $0.000058

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss

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.

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