• Floki Inu price has broken below the midline of the range, likely triggering buy orders. 
  • FLOKI could rise 43% with a hammer candlestick indicating a potential recovery in price direction.  
  • The meme coin could encounter strong resistance around the 78.6% Fibonacci retracement level.

Floki Inu (FLOKI) price has been in a downtrend with a price action characterized by lower highs and lower lows. It came as the broader market crashed. Meme coins withstood the worst of the lack of momentum seen in the Bitcoin (BTC) price, given the sector’s strong correlation with BTC during bullish markets.

Also Read: Floki Inu price needs to shed 20% before it becomes attractive for buyers

Floki price could rally nearly 45%

Floki Inu price downtrend could have bottomed out after an intraday low of $0.000160. The dump, providing bulls a late chance to acquire FLOKI at a discount, has made the meme coin attractive for buyers after a deviation below the midline of the market range, defined by the 50% Fibonacci placeholder at $0.000203.

Notice the formation of a hammer candlestick, suggesting a potential capitulation by sellers to form a bottom. This technical formation is often followed by a rise in price to indicate a potential reversal in price direction. 

The Relative Strength Index (RSI) also maintains above the mean level, with a similar outlook seen with the Awesome Oscillator (AO) still in positive territory. Increased buying pressure could have Floki Inu price flip the $0.000203 level into support, with the potential to extend past the most important Fibonacci retracement level of 61.8% at $0.000229.

In a highly bullish case, FLOKI price could extend higher to the 78.6% Fibonacci retracement level at $0.000267, where stiff resistance is expected. Such a move would constitute a 43% climb above current levels.

FLOKI/USDT 1-day chart

On the flipside, enhanced seller momentum could see the Floki Inu price extend the fall below the $0.000150 threshold. Such a move would produce a lower low, invalidating the bullish thesis while at the same time provoking more sell orders. 


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