Floki Inu price looks ready to breakout as bullish momentum thrives

Floki Inu price is undergoing a pullback after failing to clear a crucial resistance barrier. This downswing will push the meme coin into a vital demand zone that could trigger a new uptrend’s start.

Floki Inu price to reverse its bearish outlook

Floki Inu price set up its all-time high at $0.000405 on November 4 after rallying 587% in just over a week. Many investors continued to book profits here, leading to a slow consolidative downtrend. On November 15, FLOKI dropped below the $0.000221 support floor and has crashed 30% to where it currently trades - $0.000160.

Interestingly, a demand zone, ranging from $0.000121 to $0.000150, has come into view to save it from a steeper descent. A dip into this area will replenish buying and lead to a potential upswing.

To the upside, the $0.000179 comes in as the first barrier Floki Inu price will encounter. Clearing this level will confirm the uptrend and propel FLOKI to the next level at $0.000221. In total, this leg-up would constitute a 48% gain from $0.000121.

FLOKI/USDT 4-hour chart

Investors need to note that the bullish scenario above assumes that Floki Inu price bounces off the $0.000121 to $0.000150 demand zone. A failure to hold above this barrier and an increased sell-side pressure that results in a 4-hour candlestick close below $0.000121 will create a lower low and invalidate the bullish thesis.

In this scenario, market participants can expect Floki Inu price to crash to $0.0000833.