Floki Inu heads towards $0.000175 as technical setup favors FLOKI bears

Floki Inu price is looking to stabilize at lower levels this Sunday after witnessing volatile trading in the previous week.

The dog-themed crypto coin booked a second weekly loss, eyeing deeper correction from record highs of $0.000405 reached on November 4.

With reducing investors’ interest in the canine-inspired meme coins so far this month, FLOKI price is set to extend its corrective decline in the near term.

FLOKI bulls remain little impressed, despite Floki Inu's team having got the permission to announce the coin potential listing on four cryptocurrency exchanges, viz, Bitmart, FMFW.io, Digifinex and AAX exchange, 

Floki Inu price eyeing a test of the descending triangle support   

As observed on Floki Inu’s four-hour chart, FLOKI bears are holding the reins after the coin’s failure to resist at higher levels.

In doing so, FLOKI price has breached the critical short-term bearish 21-Simple Moving Average (SMA) at $0.000243.

The move lower has triggered a fresh selling wave in FLOKI price, exposing horizontal trendline support at $0.00022.

A four-hourly candlestick closing below that level will validate a downside breakout from a fortnight-long descending triangle formation.

A massive sell-off towards the horizontal (orange) trendline support at $0.000175 will then unfold.

The Relative Strength Index (RSI) is pointing sharply lower, allowing room for more declines.

FLOKI/USDT: Four-hour chart

Any upside retracement will need acceptance above the 21-SMA support-turned-resistance.

FLOKI bulls will then face the next significant resistance around $0.000255, which is the intersection of the falling trendline resistance, 50 and 100-SMAs.

Note that the 50 and 100-SMA bearish crossover confirmed on Saturday is playing out, exacerbating the pain in FLOKI price.