Published 14 seconds ago
After witnessing an explosive rally earlier this week, the Floki coin price halts at $0.00006 psychological resistance. Furthermore, the daily chart showcasing higher price rejection at his resistance indicates the weakening of bullish momentum. If the selling pressure persists, the coin holder could witness a temporary pullback to some local support levels.
Key Points:
- A higher price rejection candle at $0.00006 resistance indicates a sign of a bearish reversal
- A bullish crossover between the 100-and-200-day EMA may assist the buyers to maintain an overall uptrend
- The intraday trading volume in the Floki coin is $1.7 Billion, indicating a 207% gain.
Source- Tradingview
Similar to the majority of major cryptocurrencies, the Floki token witnessed a minor correction in early February. The downfall plunged the token price to the psychological support of $0.00002 after which the price rebounded immediately.
The post-correction rally registered a 205% gain and retested the long-coming resistance of $0.00006. The explosive rally was also backed by the recent tweet from Billionaire Elon Musk sharing his Dog picture ‘Floki’ with a caption saying the new CEO of Twitter.
However, in the last two days, the FLOKI price showed a long-wick rejection from $0.00006 resistance indicating the bullish momentum has been exhausted. Thus, the token price turned down and tumbled 16.5% down to reach the current price of $0.00005.
Also Read- Explained: What is Physical NFT? and How to Sell Physical Items as NFT
Thus, rejection candles indicate a higher possibility of upcoming correction which is reasonable after such an aggressive rally. Moreover, this potential retracement could tumble the token 16% down to retest the flipped support of $0.0000428.
Anyhow, this correction could recuperate the bullish momentum and offer a pullback opportunity to traders.
Technical Indicator
RSI: A bearish divergence in the daily RSI slope near the overbought region gives additional confirmation for upcoming correction.
EMAs: the rising 20-day EMA could assist buyers to sustain FLOKI prices at higher levels
Floki Coin Price Intraday Levels
- Spot rate: $0.000051
- Trend: Bearish
- Volatility: High
- Resistance levels- $0.00006 and $0.0000788
- Support levels- $0.0000427 and $0.0000328
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.
