In the 4-hour time frame chart, the Floki coin price shows the formation of a rounding bottom pattern. This is a well-known bullish reversal pattern that could intensify the underlying buying momentum and initiate a sustained directional uptrend. Amid the recent growth in the crypto market, the sideways trend in FLOKI price formed a new higher low, indicating an early sign of trend reversal. Here’s how interested traders may grab an entry opportunity in this coin for a massive price rally
- The formation of a rounding bottom pattern gives an early sign of a new recovery cycle
- The recent breakout from $0.000041 resistance set the Floki price for a 61% rise
- The intraday trading volume in the Floki coin is $318 Million, indicating a 73% gain.
On May 5th, the Floki coin price witnessed a massive inflow and recorded a 50% intraday gain. This strong growth is likely to be associated with the Floki coin listing announcement on the world’s largest crypto exchange Binance.
With the recent price rise, the FLOKI coin breached a local resistance of $0.000041 offering a significant launching for buyers to further extend the bullish rally. However, this memecoin is 9.5% down on intraday retest of the pierced resistance as potential support.
Also Read: Top AI Based Meme Coins List 2023
Moreover, the aforementioned support aligned with the 50% Fibonacci retracement which created a strong reversal point for Floki price. Interested traders can look for an entry opportunity at $0.000041 mark if the coin price shows sustainability above it.
Under the influence of this pattern, the Floki price may rise 61% just to hit the $0.0000685 neckline resistance. A bullish breakout from the neckline will accelerate the buying pressure.
Moving average convergence/divergence : A wide gap between the MACD(blue) and signal(orange) line after a bullish crossover accentuates the aggressive buying in the market.
Exponential Moving Average: An uptick in 20-and-50-day EMAs reflects the short-term trend in Floki price is bullish.
Floki Coin Price Intraday Levels
- Spot rate: $0.0000427
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $0.000057 and $0.000068
- Support levels- $0.000041 and $0.000026
The post Floki Price Analysis: Floki Price May Witness 60% Rally if These Conditions are Met appeared first on CoinGape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks