Following a new lower low movement in the past week, Floki found solid ground and now trades calmly on the day. A major surge from the current level should determine the next market direction.
Floki’s general outlook is still considered bearish on the mid-term scale despite witnessing a mini bullish move in the second quarter of the year.
Although things are now falling apart again after failing to sustain the momentum mid-last month. Having posted a major loss since then, it currently appears weak on the short-term outlook.
However, it found temporary support and is now looking indecisive daily after making a new lower low to around $0.00007 yesterday. A push from the current trading level could allow a retest at $0.000089 to create a new lower high before resuming bearish.
If that comes into play, we can anticipate an expansion to the $0.00005 range. In the opposite direction, a strong recovery above the $0.0001 level could bring a slight shift in the bearish structure.
But as it stands, the bears are in control of the market. They are currently taking a break amid the latest calmness. An increase in supply should set the stage for a huge collapse on a monthly scale.
Floki’s Key Levels to Watch
Right now, the bears are showing interest after staying calm throughout yesterday. A drop off $0.00007 could drive the price to $0.000061 and potentially to a minor support of $0.000052. Below it lies the crucial $0.000046 support, hoisted two months back.
The recently rejected $0.000082 level now stands as resistance. A strong recovery above it could bring us back to the monthly $0.000098 high. Breaking through it could allow a slight trend shift $0.000124 with a potential break to $0.000145
Key Resistance Levels: $0.000082, $0.000098, $0.000124
Key Support Levels: $0.000061, $0.000052, $0.000046
- Spot Price: $0.000074
- Trend: Bearish
- Volatility: High
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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