Floki, a dog-themed memecoin, has experienced bearish sentiment, with a 4.38% dip over the past week and a massive 27.80% decline over the last month. As portrayed on TradingView’s daily chart, this trend is part of the broader bearish sentiment that commenced on July 5, shortly after the token reached its all-time high of $0.0003462.
Since then, FLOKI has been oscillating in a descending triangle pattern, often formed by a series of lower highs and constant lows. Notably, this chart pattern is mostly associated with bearish trends, which could mean a continuation of the downward tendency in the FLOKI market.
FLOKI Price Action
Following the overall market decline, the FLOKI token traded most of its day in a bearish mood, pushing its price to an intraday low of $0.0001158. This marks a 4.06% slump from its opening price of $0.0001207. However, as the day progressed, the memecoin regained its losses and stabilized above the $0.000120 support level.
As of press time, the dog-themed token exchanged hands at $0.0001209, marking a 0.12% uptick in a single day. Following this rebound, its market cap also surged, pushing it to the $1.157 billion threshold, sustaining the 57th spot in terms of crypto rankings.
Particularly, this positive price action can be attributed to a recent announcement regarding Floki’s partnership with Nottingham Forest Football Club for the 2024–2025 Premier League season. Meanwhile, the token’s 24-hour trading volume painted a gloomy picture, as it experienced a 21.54% dip to $120.653 million.
What’s Next for FLOKI?
From a technical standpoint, the RSI index on the daily chart is rising sharply from oversold conditions, signaling a strengthening bullish momentum in the near term. Positioned at 37.71, the RSI indicator suggests that there is still room for a further uptrend before reaching overbought conditions.
Should this move come into play, market experts anticipate that the dog memecoin could witness its value skyrocket toward its immediate resistance around the 0.236 Fibonacci level at $0.0001441. A breakthrough above this zone could further push the asset’s price higher, retesting its next barrier at $0.00016.
On the downside, should the bearish take control of the memecoin market, the token might retest its recent low at $0.0001096 for potential support before attempting another bull run. The 20-day moving average supports this sentiment, as it is currently positioned above FLOKI’s price at $0.0001370. This indicates a potential downtrend should the 20-day MA maintain its position.
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Source: https://www.cryptonewsz.com/floki-price-hangs-in-balance-is-move-possible/