The ongoing consolidation in Floki coin price is most likely a temporary pause in its uptrend to replenish the bullish momentum. The sideways trend has lasted for over two weeks now as the coin price shows demand pressure at a 50% Fibonacci retracement level at $0.000038. should you enter this dip or there’s more to this correction phase?

Key Points:

The combined support of 0.5FIB and $0.000038 creates a strong accumulation zone for buyers
A possible breakdown from $0.000038 support could tumble the Floki price by 15-18%
The intraday trading volume in the Floki coin is $30.9 Million, indicating a 31% gain.

Source- Tradingview

After witnessing an explosive rally from Mid-January-to-February, the Floki token price formed a local top at the $0.00006 mark. Following this aggressive uptrend, the asset’s price often shows a minor counter-trend move to replenish the exhausted bullish momentum and check price sustainability at higher levels.

Amid the increasing bearishness in the crypto market, the Floki price tumbled 36% from $0.00006 resistance and plunged to 0.5FIB at $0.000038 support. Currently, the price action has turned sideways above the aforementioned support trying to obtain suitable footing for further rally.

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However, as the overall market sentiment remains negative, the Floki price might need more trading days to present bullish reversal signs at $0.000038 support. If the bullish momentum recuperates, the buyers may drive the price to the overhead resistance of $0.0000453, followed by $0.00006.

On a contrary note, if the coin price gives a daily candle closing below $0.000038, the coin holders can expect the next significant support zone at 0.618 FIB level near $0.0000325.

Technical Indicator

EMAs: the falling Floki price dipped below the 20-day EMA slope encouraging the sellers to a prolonged bearish correction.

RSI: despite the ongoing correction, the daily RSI slope holds above the midline(50%) indicating the market sentiment remains bullish.

Floki Coin Price Intraday Levels

Spot rate: $0.000041
Trend: Bearish 
Volatility: Medium
Resistance levels- $0.000045 and $0.00006
Support levels- $0.0000382 and $0.0000325

The post FLOKI Price Prediction: Floki Coin At Risk Of 15% Drop If Buyers Lose This Support appeared first on CoinGape.

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Filed under: News - @ March 5, 2023 7:23 pm