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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
Key Points:
- 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.
Source- Tradingview
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.
Technical Indicator
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
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