Floki Price Skyrocketed 75% Today; Is This Rally Sustainable for New Buyers?

Today, the Floki coin price witnessed a significant inflow and shows a 75% hike. This massive rise could be associated with the recent listing announcement of Floki in the California-based Binance exchange and also becoming the official partner of the Asian Badminton Championship 2023. This event could allow Floki to show its utility to numerous investors and present its brand in front of a massive crowd. Amid this rally, the coin price breached a crucial monthly resistance of $0.000042, offering an entry opportunity to potential buyers.

Key points:

• A daily candle closing at $0.000042 resistance will offer buyers a significant footing to prolong the bullish rally.
• A bullish breakout backed by tremendous high volume indicates the buyers’ conviction to achieve higher price levels
• The intraday trading volume in the Floki coin is $116 Million, indicating a 903% gain.

Source- Tradingview

Over the past six weeks, the Floki coin price resonated in a fixed range spread from $0.000042 to $0.000027 level. In the daily time chart, this consolidation revealed the formation of a double bottom pattern. 

Pointing to this pattern’s core concept, the setup indicates strong sustainability for Floki’s price at $0.000027 base support which allows buyers to replenish bullish momentum. Moreover, the announcement of Floki to be an official partner of the Asian Badminton Championship 2023 has grabbed the attention of several investors fueling the ongoing intraday growth.

With today’s 75% price jump, the Floki price gave a decisive breakout from the $0.000042 neckline resistance of the double bottom pattern. Concerning the fast-moving price action, the new investors should form a candle closing above $0.000042 to confirm a breakout opportunity. 

In the coming days, if the price shows sustainability above the breakout level, the buyers are likely to raise the coin’s market value 35% higher to hit $0.000057.

On a contrary note, the daily closing below $0.000042 may hint at the continuation of a sideways trend.

Technical Indicator

Relative Strength Index: The daily RSI slope surge above the midline reflects the rising bullish sentiment among traders.

Exponential Moving Average: A potential bullish crossover between the 20-and-50-day EMA will add an extra edge to long buyers.

Floki Coin Price Intraday Levels

• Spot rate: $0.0000249
• Trend: Bullish
• Volatility: High
• Resistance levels- $0.000047 and $0.000057
• Support levels- $0.0000427 and $0.0000328