- Floki Inu price remains vulnerable amid bearish technicals on the 4H chart.
- FLOKI bulls face stiff resistance at the $0.0001330 confluence zone.
- A breach of $0.0001100 could open floors towards the $0.0000500 downside target.
Floki Inu price is flatlined near the two-week lows, defending the critical support at $0.0001100, as FLOKI traders track the bearish momentum in Dogecoin and Shiba Inu.
The dog-themed crypto coin shrugged off massive gains garnered by the coins named after Elon Musk's pet 'Floki'. Among the other knockoff coins, Christmas Floki X, ElonFlokiInu and King Floki V2 soared over 500% in the previous week.
Floki Inu price is currently shedding 1% on the day, trading around $0.0001300, having booked a sixth straight weekly loss. The meme coin lost roughly 12% of its value over the past week.
Floki Inu price is teasing a descending triangle breakdown
As observed on Floki Inu’s four-hour chart, FLOKI bears are poised to challenge the horizontal trendline support at $0.0001100, from where the price has bounced off on three occasions since November 28.
Meanwhile, FLOKI price has kept forming lower highs over the same time horizon, carving out a descending triangle pattern on the said time frame.
The Relative Strength Index (RSI) is pointing lower below the central line, suggesting that the aforesaid triple bottom could be threatened going forward.
A four-hourly candlestick closing below the latter could validate a triangle breakdown, opening floors for a test of $0.0001000 the figure.
Should the selling pressure intensify, then a fresh downswing will kick in towards the October levels at $0.000050.
FLOKI/USDT: Four-hour chart
On the upside, strong offers await at $0.0001330, which is the confluence of the falling trendline resistance and bearish 21-Simple Moving Average (SMA).
Further recovery will meet the immediate hurdle at the descending 50-SMA at $0.00014.
The mildly bearish 100-SMA at $0.000151 will be the level to beat for FLOKI bulls.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 meme coins price prediction Dogecoin, Shiba Inu, Bonk: Memes face steeper correction than Bitcoin
Dogecoin eyes February lows after nearly 23% decline in the past seven days. Shiba Inu could plummet another 13% amid the broader crypto market correction. Bonk price is likely to regain lost ground as technical indicators point at recovery.
XRP sustains above $0.50 as traders digest news of Ripple XRP Ledger entry in the Japanese market
Ripple (XRP) sustained above $0.50, a key support level, on Wednesday. XRP price is down nearly 6% in the past ten days. The altcoin is in a confirmed downward trend, and wiped out all gains since February.
Optimism OP struggles to gain momentum despite alleged $90 million OP purchase by a16z
Venture capital firm a16z has purchased $90 million in OP tokens under a two-year vesting period, Unchained crypto reports. Sources told Unchained Crypto that Optimism has done well and the project is still doing airdrops.
Sei price action forecasts an opportunity to accumulate SEI Premium
Sei (SEI) price is at a crossroads and could trigger a steep correction or potential bounce after setting up an all-time high (ATH) of $1.145 roughly a month ago. Based on the Bitcoin price action, a potential bounce will likely occur anytime now.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.