Floki Inu Price Analysis: FLOKI Buyers Need To Regain This Level To Make A Comeback

It seems the FLOKI sellers aim to eliminate all the gains buyers made during February’s first week. The bearish reversal from the $0.00006 has recently slipped below the $0.000041 support, and the next target for sellers is the current lower low of $0.00003. Will bears continue the downtrend or bulls are planning a comeback?

Key technical points: 

The FLOKI buyers facing strong resistance from 20-day EMA
The intraday trading volume in the FLOKI/USD is $6.1 Million, indicating a 27.8% gain.

FLOKI Buyers Trapped In A Retest Phase

Source- Tradingview

The FLOKI/USD pair has been stuck in a retest phase for the past four days. The previous day’s candles showed long higher price rejection, projecting the presence of intense supply. If sellers sustained below the $0.0000418 resistance, the coin would plunge to the $0.00003 support along with the threat of downtrend resumption. 

On a contrary note, if buyers pushed the altcoin above the $0.0000418 mark. This fakeout will benefit buyers to rally towards the $0.00006 mark.

The ADX(17) slips lower due to the current consolidation. However, the slope could take an upturn if coin prices continue to fall, indicating the rise selling momentum.

On February 7th, FLOKI buyers gave a decisive breakout from the long-coming falling wedge pattern. The daily candle reached an overhead resistance level of $0.00006, indicating an 80% gain in less than a week.

Source- Tradingview

However, the sellers aggressively defended this resistance and rejected the FLOKI price immediately. A sustained decline has plugged the FLOKI price below the shared support of $0.0000445 and the 20-day EMA. The meme coin currently retests the breached support, looking for sufficient selling.

The recent retracement sank the Relative Strength Index(44) slope back to the bearish territory, indicating the sellers are still dominating the field.

Resistance levels- $0.0000418 and $0.00006
Support levels-$0.00003 and $0.00002

Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?
Disclaimer
Crypto Stories
View all

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.