Floki Price Prediction: Upcoming Correction May Discount FLOKI By 16%; Buy This Dip?

After witnessing an explosive rally earlier this week, the Floki coin price halts at $0.00006 psychological resistance. Furthermore, the daily chart showcasing higher price rejection at his resistance indicates the weakening of bullish momentum. If the selling pressure persists, the coin holder could witness a temporary pullback to some local support levels.

Key Points: 

• A higher price rejection candle at $0.00006 resistance indicates a sign of a bearish reversal
• A bullish crossover between the 100-and-200-day EMA may assist the buyers  to maintain an overall uptrend
• The intraday trading volume in the Floki coin is $1.7 Billion, indicating a 207% gain.

Source- Tradingview

Similar to the majority of major cryptocurrencies, the Floki token witnessed a minor correction in early February. The downfall plunged the token price to the psychological support of $0.00002 after which the price rebounded immediately.

The post-correction rally registered a 205% gain and retested the long-coming resistance of $0.00006. The explosive rally was also backed by the recent tweet from Billionaire Elon Musk sharing his Dog picture ‘Floki’ with a caption saying the new CEO of Twitter.

However, in the last two days, the FLOKI price showed a long-wick rejection from $0.00006 resistance indicating the bullish momentum has been exhausted. Thus, the token price turned down and tumbled 16.5% down to reach the current price of $0.00005.

Also Read- Explained: What is Physical NFT? and How to Sell Physical Items as NFT

Thus, rejection candles indicate a higher possibility of upcoming correction which is reasonable after such an aggressive rally. Moreover, this potential retracement could tumble the token 16% down to retest the flipped support of $0.0000428.

Anyhow, this correction could recuperate the bullish momentum and offer a pullback opportunity to traders.

Technical Indicator

RSI: A bearish divergence in the daily RSI slope near the overbought region gives additional confirmation for upcoming correction.

EMAs: the rising 20-day EMA could assist buyers to sustain FLOKI prices at higher levels

Floki Coin Price Intraday Levels

• Spot rate: $0.000051
• Trend: Bearish 
• Volatility: High
• Resistance levels- $0.00006 and $0.0000788
• Support levels- $0.0000427 and $0.0000328