Published 32 minutes ago by
Brian Bollinger The Floki coin price halted at $0.00006 psychological resistance after an explosive rally earlier in the week. The daily chart showing a higher price rejection at his resistance shows a weakening in bullish momentum. If the selling pressure persists, the coin holder could witness a temporary pullback to some local support levels.advertisementKey Points: A higher price rejection candle at $0.00006 resistance indicates a sign of a bearish reversal
A bullish crossover of the 100- and 200-day EMAs may help buyers maintain an overall uptrend
The intraday trading volume for the Floki coin was $1.7 billion, which is a 207% increase.
Source: TradingviewThe Floki token experienced a minor correction in February, similar to most major cryptocurrencies. Source: Tradingview. The Floki token experienced a minor correction in February. This was similar to most major cryptocurrencies. The recent tweet by Elon Musk, a billionaire, sharing his dog picture titled Floki with a caption that said “The new CEO of Twitter.” Added support to the explosive rally was the recent tweet by Elon Musk. Trending StoriesBut, in the past two days, FLOKI price showed a long-wick decline from $0.00006 resistance, indicating that the bullish momentum was exhausted. The token price fell 16.5% to $0.00005, indicating that the bullish momentum has ended. Rejection candles signify a higher probability of an upcoming correction, which is reasonable after such a strong 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 IndicatorRSI: A bearish divergence in the daily RSI slope near the overbought region gives additional confirmation for upcoming correction.advertisementEMAs: the rising 20-day EMA could assist buyers to sustain FLOKI prices at higher levelsFloki Coin Price Intraday LevelsSpot rate: $0.000051
Trend: Bearish
High Volatility
Resistance levels: $0.00006 and $0.0000788
Support levels: $0.0000427 and $0.0000328
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.