The price of the popular meme coin Floki Inu is at a crossroads that is difficult to predict as it is consolidating in a parallel channel. $0.001167 is a critical level that could set the next direction intentions for FLOKI. According to the analyst, the bulls could aim for an 82% climb if they provide stable support above the critical defense line. cryptocoin.com We now turn to the details.
Possible levels for the meme coin
The Floki Inu price is at a pivotal point, all eyes are on the meme coin and waiting for the token to reveal its intentional intentions. A break below $0.0001167 could spell trouble for the bulls, but securing support above this level could see FLOKI’s 82% upside release target, according to analyst Sarah Tran. Floki Inu price has formed a parallel channel on the 12-hour chart as the token continues to show a lack of directional trend. FLOKI is approaching the lower bound of the current chart pattern with $0.0001167 acting as a breakout point for the token. If Floki Inu price manages to stay above the downtrend line of the parallel channel, it could offer hope of a recovery as the bulls aim for an 82% rally from $0.0002205 to the upper boundary of the technical pattern.
A strong resistance could emerge at the 61.8% Fibonacci retracement level at $0.001889. The token could face a headwind at the 78.6% Fibonacci retracement level at $0.0002090 before Floki Inu price hits its bullish target. However, if the Floki Inu price drops below $0.001167, FLOKI could face a 46% drop target towards $0.000625. FLOKI could also find a strong foothold at the October 20 high of $0.000748 if it faces additional downward pressure.
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