Floki Inu Price Analysis: FLOKI Token Loses The Bullish Craze, Is This A Good Time to Sell And Protect Your Profits?

By Sunil Sharma
Published November 12, 2021 Updated November 13, 2021
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Floki Inu Price Analysis: FLOKI Token Loses The Bullish Craze, Is This A Good Time to Sell And Protect Your Profits?

By Sunil Sharma
Published November 12, 2021 Updated November 13, 2021

From a technical perspective, the overall trend of FLOKI/USD is bearish. Moreover, the token is struggling to find sufficient support from the 0.5 Fibonacci Level, which could result in a downfall for the FLOKI token.

Key technical points:

  • The FLOKI token forms a head and shoulder pattern in the 4hr time frame chart
  • The daily chart RSI shows a strong bearish divergence in its chart.
  • The intraday trading volume in the FLOKI token is $58 Million, indicating a 20% fall.

TradingView Chart

Source- FLOKI/USD chart by Tradingview

On November 4th FLOKI token rally experienced intense selling pressure from the $0.0004 mark, which initiated a retracement phase in its technical chart. The token price plunged to the 0.5 Fibonacci retracement level and is trying to obtain sufficient support from this level.

However, The Relative Strength Index (56) shows a steady downtrend in its chart, indicating the increasing strength of the market sellers.

FLOKI/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- FLOKI/USD chart by Tradingview

The FLOKI token revealed a head and shoulder pattern in this lower time frame chart, providing a great short opportunity for crypto traders. The neckline for this pattern is at the $0.00022 mark, and the price is currently hovering just above this level.

The MACD indicator states a bearish momentum for this token, as both the MACD and the signal lines are steadily moving below the neutral zone.

The 4-hour chart also shows the 50 and 20 EMAs giving bearish crossovers, while the 100 EMA could help the price hold above its neckline. If it gains enough bearish momentum, the price could fall to the $10700 or $0.00018000 support levels.

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
294 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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