Floki Inu price needs to reset before FLOKI revisits $0.0000420

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

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.