|

Floki Inu price at make-or-break point as meme coin forecast confuses investors

  • Floki Inu price confuses forecasts as it consolidates within a parallel channel.
  • $0.0001167 is a critical level for FLOKI, which could determine its next directional intentions.
  • The bulls could aim for an 82% climb if it secures steady support above the crucial line of defense.

Floki Inu price is at a pivotal point as all eyes are on the meme coin, waiting for the token to reveal its directional intentions. Breaking below $0.0001167 could spell trouble for the bulls but securing support above this level could see FLOKI target an 82% release to the upside. 

Floki Inu price remains indecisive

Floki Inu price has formed a parallel channel on the 12-hour chart as the token continues to indicate a lack of directional bias. FLOKI is nearing the lower boundary of the prevailing chart pattern at $0.0001167 which acts as a make-or-break point for the token.

If Floki Inu price manages to sustain above the downside trend line of the parallel channel, this could give hope of a recovery for the bulls to target an 82% rally toward the upper boundary of the governing technical pattern at $0.0002205.

Floki Inu would face immediate resistance at the 23.6% Fibonacci retracement level at $0.0001430. Additional obstacles may appear at the 21 twelve-hour Simple Moving Average (SMA) at $0.0001534, then at $0.0001605, where the 50 twelve-hour SMA, the middle boundary of the prevailing chart pattern and the 38.2% Fibonacci retracement level intersect. 

Further resistance may emerge at the 61.8% Fibonacci retracement level at $0.0001889, coinciding with the 100 twelve-hour SMA. Before Floki Inu price reaches the bullish target, the token may face a headwind at the 78.6% Fibonacci retracement level at $0.0002090.

FLOKI

FLOKI/USDT 12-hour chart

However, if Floki Inu price slices below the lower boundary of the parallel channel at $0.0001167, FLOKI could face a bearish target of a 46% drop toward $0.0000625 projected by the prevailing chart pattern. 

The first line of defense for Floki Inu price is at the October 28 low at $0.0000967, then at the October 17 high at $0.0000850. FLOKI may also discover a strong foothold at the October 20 high at $0.0000748 if it faces additional downward pressure.

Author

Sarah Tran

Sarah Tran

Independent Analyst

Sarah has closely followed the growth of blockchain technology and its adoption since 2016.

More from Sarah Tran
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.