The Floki Inu (FLOKI) bears have engulfed all the gains traders made during February’s first week. The meme coin turned down from the $0.00006 resistance and hit the January low support of $0.000032. However, this 48% devaluation has interested the market participants, suggesting a possible reversal.
Key technical points:
- The FLOKI price rally jumps 28% from the low of $0.000025
- The FLOKI buyers facing strong resistance from 20-day EMA
- The intraday trading volume in the Floki Inu token is $3.7Million, indicating a 20% loss
Source- Tradingview
During February’s third week, the Floki Inu (FLOKI) price continued to resonate in a narrow range stretching from $0.000043 and $0.000036. On Feb 23rd, the sellers breached the range support and slumped 10% to the monthly support of $0.000032.
Trending Stories
The bears attempted to breach this crucial support on Feb 24th; however, the buyers prevented further losses and rejected the price with a long-tail accounting of 20%.
The declining crucial MAs(20, 50), along with bearish alignment and the Relative strength index (39), are wavering in bearish territory, indicating the sellers have the upper hand.
Floki Price Hovers Above Accumulation Zone
Source- Tradingview
In the 4-hour time frame chart, the FLOKI price provided a closing below the $0.000032 support. However, as mentioned above, the sellers couldn’t sustain this level resulting in a fake-out.
If buyers take advantage of the trapped short-sellers, the altcoin will surge to the immediate resistance of $0.000036
Contrary to the bullish thesis, sellers giving a bearish breakdown and closing below the $0.000032 bottom support will nullify the uptrend possibility. The selling would intensify and sink the price to a $0.00003 psychological level.
The downsloping ADX(17) slope indicates the underlying bearish momentum is decreasing.
- Resistance levels- $0.000036 and $0.000043
- Support levels-$0.000032 and $0.00003
- Is Do Kwon’s Terra Recovery Plan Part Of A “Kill Switch” Protocol?
- This Top-50 Crypto Jumped 28% This Week Despite A Market Crash
- Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy
- Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin
- Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why
- Terra Ecosystem Announces Some Key Amendments to Its Revival Plan
- Breaking: Stablecoin Tether ($USDT) Reveals Reserves Fully Backed In New Report
- LUNA Crash: Blockchain Firm Losses $3.5 Billion As Terra (LUNA) Crumbles
- SWIFT Plans To Interlink All CBDCs, Here’s Why
- Breaking: Ripple (XRP) Throws In $100 Million To Cut Down Carbon Emission
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
