The relief rally initiated during the first week of February helped the Floki Inu (FLOKI) buyers to escape the falling wedge pattern. The breakout reached the $0.00006 immediate resistance, where the sellers mounted stiff resistance to defend to this mark. The FLOKI/USD pair reverts and the retest to $0.00003 should validate if buyers are ready for a comeback?
Key technical points:
The FLOKI coin buyers lost the 20-day MA support
The intraday trading volume in the Floki Inu is $7.24 Million, indicating a 20.96% loss.
Will Channel Breakout Save The Day For FLOKI?
The FLOKI/USD pair currently trading at the $0.392 mark registered a 35% fall from the $0.0006 resistance. The pair will soon retest bulls at the combined support of $0.00003 and flipped support trendline.
If Floki Inu price bounced back from this bottom support, it would indicate the buyers are accumulating at this mark, and the again will rechallenge the above resistance of $0.00006.
The bullish assumption would be invalid if the sellers plunge below the $0.00003 support, where the possible downtrend continuation will sink the memecoin to $0.00000558.
On February 4th, FLOKI price rebounded from the $0.00003 support with a daily morning star candle. In just four trading days, the relief rally provided an 85% return and also breached the long coming falling edge pattern.
The altcoin reached the $0.00006 mark, where the intense supply pressure triggered a slight pullback. The sustained selling has nosedived below the minor support level of $0.0000445 and 20-day EMA together. The FLOKI chart indicates a bearish alignment of the crucial MAs(20, 50, 100).
The recent reversal has plunged the Relative strength index(55) slope back to negative territory, indicating the bears are still dominating the field.
Resistance levels- $0.00006 and $0.000045
Support levels-$0.00003 and $0.000005588
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