The FLOKI price trading at $0.0000056 indicated a 66% gain from the last six days. This recent price jump provides a bullish breakout from the falling wedge pattern, suggesting the end of the downtrend. If buyers could breach and close above the overhead resistance of $0.00006, the meme coin is likely to make a 30% jump($0.00008).
Key technical points
- The FLOKI price crossed above the 20-day MA
- The intraday trading volume in the Floki Inu token is $3.07 Billion, indicating a 42.5% loss.
Source- Tradingview
On February 4th, Floki Inu price bounced back from the $0.00003 support amid the launch announcement of the new Metaverse game-Valhalla. The meme coin continued to rally higher and finally breached the long-coming falling wedge pattern on February 7th.
The breakout pushed the FLOKI price to immediate resistance of $0.00006. The sellers maintaining stiff resistance at this mark triggers a retest to the broken trendline. The lower price rejection in the last two daily candles indicates the strong demand pressure.
The Relative strength index(55) slope spiked above the midline, suggesting the market sentiment turning bullish. Moreover, the buyers have reclaimed the 20-day MA, provisioning additional edge to long traders.
Floki Inu Buyers Challenge The 0.00006 Neckline
Source- Tradingview
The recent price recovery shows a cup and handle pattern in the 4-hour time frame chart. The FLOKI/USD pair currently forming a handle portion should maintain its base support at $0.000047. If buyers could pierce through the $0.000006 neckline, the coin will continue its rally, aiming the next target at $0.00008.
Contrary to the above assumption, if the sellers defend the $0.00006 mark and pull the price lower, the FLOKI price would sink back to $0.000033.
- Resistance levels- $0.00006 and $0.00008
- Support levels-$0.000047 mark and $0.000033
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/floki-inu-price-analysis-cup-and-handle-pattern-aim-to-continue-floki-rally-0-00008-on-the-cards/