The post FLOKI Price Action Signals Strong Uptrend Despite Risks appeared on BitcoinEthereumNews.com.

FLOKI price has seen an impressive surge, climbing 21.79% in the last 24 hours and up 62.39% over the past week. This rally has pushed several key indicators into bullish territory, showing strong upward momentum. However, caution is warranted as some signals suggest that the current trend may face resistance or a potential pullback. The coming days will be crucial for determining whether FLOKI can sustain its rally or if a correction is on the horizon. RSI Shows FLOKI Is Now Overbought FLOKI price recent surge has driven its RSI to 71.42, up from 60 just a day ago, indicating strong buying momentum. An RSI above 70 usually suggests that an asset is overbought, hinting at a potential correction. However, this doesn’t always mean an immediate pullback is certain. FLOKI RSI. Source: TradingView. RSI is a momentum indicator that measures whether an asset is overbought or oversold. Values above 70 are considered overbought, and values below 30 are considered oversold. Although FLOKI’s RSI is currently in overbought territory, it has historically climbed above 80 before correcting, implying that the rally may still have room to run. Ichimoku Cloud Shows a Bullish Setting For FLOKI This Ichimoku Cloud chart for FLOKI shows a clear bullish momentum. The price is well above the cloud, indicating a strong uptrend. The leading span A (green line) is above leading span B (red line), which supports the bullish outlook, while the cloud itself is in a positive configuration. FLOKI Ichimoku Cloud. Source: TradingView Additionally, the price is significantly above the Tenkan-sen (blue line) and Kijun-sen (orange line), which further confirms the bullish momentum. However, a small retracement is visible, suggesting that FLOKI may encounter some consolidation or pullback before deciding on its next move. As long as the price remains above the cloud, the uptrend…

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Filed under: News - @ November 14, 2024 2:25 am