|

Floki Inu price needs to reset before FLOKI revisits $0.0000420

  • Floki Inu price has been steadily undoing the 70% rally on April 24.
  • This downtrend is likely to continue until it tags the $0.0000281 to $0.0000303 demand zone.
  • A bounce off this level could trigger a move to $0.0000420 if FLOKI bulls manage to overcome the mean at $0.0000337.

Floki Inu (FLOKI) price shows a lack of buying pressure since late April, which has led to a steady downtrend. This move will continue until it hits a stable support level or a demand zone, where buyers can overwhelm the sellers. Under this circumstance, the spike in buying pressure could catalyze FLOKI to kickstart a run-up.

Also read: Floki Inu price fails to rally despite Bitfinex listing – 5 trillion FLOKI hanging in loss

Floki Inu price needs more preparation

Floki Inu price shot up 70% on April 24, which pushed it above the range high at $0.0000420. As impressive as this run-up was, sellers began to book profits, leading to an undoing of the rally. 

Currently, Floki Inu price trades just below the range’s mean at $0.0000337 and is likely to continue sliding lower. The $0.0000281 to $0.0000303 demand zone will be key in determining where FLOKI heads next.

A comeback from buyers after a retest of the demand zone will be a key development. FLOKI bulls need to overcome the range’s midpoint at $0.0000337 before it can head higher. In such a case, Floki Inu price will attempt to scale higher and tag the range high at $0.0000420. 

This move would constitute a 40% gain for Floki Inu price.

A confirmation of this uptrend will arrive when the Relative Strength Index and the Awesome Oscillator both climb above their mean. 

FLOKI/USDT 1-day chart

FLOKI/USDT 1-day chart

On the other hand, if Floki Inu price fails to overcome the mean at $0.0000337 or bounce off the $0.0000281 to $0.0000303 demand zone, it will signal a weakness in the buyers’ camp. This development could lead to a slow descent that retests the range low at $0.0000255.

A decisive flip of the aforementioned level into a resistance barrier will invalidate the bullish thesis. Such a development could see Floki Inu price slide lower and tag the $0.0000233 and $0.0000205 support levels.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
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

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

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.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.