The sluggish down rally in the FLOKI/USDT pair seems to have reached its limit, resulting in a bullish breakout from the descending trendline. The traders are waiting for the closing above the $0.0000256 mark, providing another entry for traders. A possible pullback to breached resistance would catalyze the further recovery in price.
Key points:
- A daily-candle closing above the $0.000033 is needed to propel the FLOKI token to the $0.000042 mark
- The trending RSI accentuates the rising bullish momentum
- The intraday trading volume in the Floki Inu token is $8.9 Million, indicating a 9.7% gain.
Source- Tradingview
The FLOKI price experienced a steady downfall within a falling wedge pattern. Under the influence of a bearish pattern, the sellers marked a new lower low at the $0.0000256 mark, indicating a 90.6% fall from the All-Time High($$0.0003437).
The buyers rebounded the altcoin from this support trendline(x) and drove it 27% high to the shared resistance of the descending trendline and $0.000023. On Tuesday, the FLOKI price gave a decisive breakout from the dynamic resistance, suggesting a selling-on-rallies sentiment has switched to buying-the-dip.
However, the buyers struggle to breach the nearest resistance of $0.000033, restricting the bull’s attempt to rally higher. In case the buyers breach and close above this resistance, the outcome would pump the price by 73.6%, hitting the 0.0000566 mark.
Technical Indicator
In contrast to the falling price action, the Daily-RSI slopes make new higher lows indicating the bulls strengthen grip on the Floki Inu token.
The Vortex indicator provides a bullish crossover among the VI+ and VI-, encouraging the bullish breakout from the wedge pattern.
The FLOKI price moving below the 50-and-100-day EMA shares an overall bearish tendency. However, the buyers’ attempt to wrest control from sellers has initiated with reclaiming the 20-day EMA.
- Resistance levels- $0.000036 and $0.000048
- Support levels-$0.000042 and $0.000036
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-can-wedge-pattern-breakout-surge-floki-price-to-0-000057-mark/