The post FLOKI – Why it may be the right time to buy IF this level holds appeared on BitcoinEthereumNews.com.

contributor Posted: December 15, 2024 Floki was nearing a breakout, with $0.00028980 as the critical resistance for bullish momentum. Market metrics showed optimism, with a 112.57% price-DAA Divergence supporting potential upside. Floki [FLOKI]is gaining attention as it edged closer to breaking out of its long-term descending channel. At press time, Floki was trading at $0.0002417, down by 0.09%, in the last 24 hours.  The price is consolidating above the $0.00021129 support level, with key resistance at $0.00024862, as shown by the 0.786 Fibonacci retracement level. If Floki clears this resistance, it could challenge $0.00028980 and rally toward the next target at $0.00034883. Traders are closely watching for a decisive move to confirm bullish momentum. Source: TradingView Technical indicators suggest a potential for a rally Fibonacci retracement levels show $0.00024862 as the immediate barrier Floki must overcome. A breakout here could lead to testing $0.00028980, a critical resistance point. Additionally, the Relative Strength Index (RSI) was at 56.21, indicating the market remains in a neutral zone. This suggests there is room for upward movement if buying pressure intensifies. Moreover, the consolidation near the resistance zone indicates traders are positioning for a breakout, adding to the anticipation. Daily active addresses show a decline Floki’s daily active addresses have dropped significantly to 2,096 from 4,085 the previous day. This sharp decline reflects reduced short-term network activity, possibly due to traders waiting for a clear breakout signal. However, this decrease does not necessarily indicate a lack of interest. Instead, it may suggest caution among market participants as Floki nears a critical point in its price action. Source: Santiment FLOKI liquidations remain low Interestingly, liquidation data shows $231.96 in liquidated longs, while shorts remain at $0. This suggests that bulls have taken higher risks ahead of the potential breakout, while bears stay on the sidelines.…

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Filed under: News - @ December 15, 2024 6:02 am