The sluggish down rally in the FLOKI/USDT pair seems to have reached its limit, resulting in a bullish breakout from the descending trendline. The traders are waiting for the closing above the $0.0000256 mark, providing another entry for traders. A possible pullback to breached resistance would catalyze the further recovery in price.
Key points:
- A daily-candle closing above the $0.000033 is needed to propel the FLOKI token to the $0.000042 mark
- The trending RSI accentuates the rising bullish momentum
- The intraday trading volume in the Floki Inu token is $8.9 Million, indicating a 9.7% gain.
Source- Tradingview
The FLOKI price experienced a steady downfall within a falling wedge pattern. Under the influence of a bearish pattern, the sellers marked a new lower low at the $0.0000256 mark, indicating a 90.6% fall from the All-Time High($$0.0003437).
The buyers rebounded the altcoin from this support trendline(x) and drove it 27% high to the shared resistance of the descending trendline and $0.000023. On Tuesday, the FLOKI price gave a decisive breakout from the dynamic resistance, suggesting a selling-on-rallies sentiment has switched to buying-the-dip.
However, the buyers struggle to breach the nearest resistance of $0.000033, restricting the bull’s attempt to rally higher. In case the buyers breach and close above this resistance, the outcome would pump the price by 73.6%, hitting the 0.0000566 mark.
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Technical Indicator
In contrast to the falling price action, the Daily-RSI slopes make new higher lows indicating the bulls strengthen grip on the Floki Inu token.
The Vortex indicator provides a bullish crossover among the VI+ and VI-, encouraging the bullish breakout from the wedge pattern.
The FLOKI price moving below the 50-and-100-day EMA shares an overall bearish tendency. However, the buyers’ attempt to wrest control from sellers has initiated with reclaiming the 20-day EMA.
- Resistance levels- $0.000036 and $0.000048
- Support levels-$0.000042 and $0.000036
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