Witnessing a serious reduction in the past week, Floki resumed selling today from a short break and is now poised for a bigger drop on the daily chart. Things might change if it finds support for a rebound.
Last week was ugly for Floki and a lot of other meme coins after seeing a nice recovery from $0.000045 to over $0.00012 in five weeks. Trying to close the weekend on a strong note, it resumed drops today, being the start of a new week, after failing to overcome the key $0.0001 level.
However, the resumption of the drops was mainly triggered by the latest drops in Bitcoin’s price, putting the entire crypto market in a bloodbath.
It currently trades near last week’s support, and from the look of things, the price may break lower in the next few hours. If that happens, we may see the price back at the monthly low. A drop below it should send us to April’s low trading range before deciding on where to head next.
Locating support nearby, Floki may resume recovery provided that BTC stays calm. Should this come into play with a break above the current monthly high, we can expect a bigger price movement in the future. But as it stands, it appears the bears might take charge in the coming days.
Floki’s Key Levels to Watch
In anticipation, the $0.000089 level may pose some threat on the lower time frame, but if the bears scale through this support level, their next area of interest would be $0.000061 and maybe $0.000052 in the future.
Towards, the bulls must first clear the $0.0001 level, followed by the monthly $0.000124 resistance. A break up there should set the stage for more recoveries to $0.000148 and $0.00019.
Key Resistance Levels: $0.000124, $0.000148, $0.00019
Key Support Levels: $0.000089, $0.000077, $0.000061
- Spot Price: $0.000092
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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