Floki Inu (FLOKI) The price prediction heralded a bearish prospect in the short term as it continues to trade “bearish” around $0.00013218.
Despite this bearish outlook, FLOKI meme coincontinues to be a rising start among the The team behind Floki Inu made a number of announcements this year about new partnerships and its commitment to listing on major crypto exchanges. This will support Floki Inu Vikings to raise the price of FLOKI in the long run.
Floki Inu price has formed a falling flag chart pattern on the four-hour chart, suggesting that the current correction may continue in the near term. FLOKI bears are targeting $0.00011819.
FLOKI rose from 0.0001422 to 0.00019503 on December 12, a massive 57.02% increase, which formed the flagpole for the chart pattern. Since then, Floki Inu has recorded a series of lower highs and lower lows that form the flag of the chart pattern. FLOKIThe /USDT price has been consistently rejected by the flag’s cap.
If the bulls lose the immediate support at $0.00013028, which is met by the middle border of the flag, it will drop towards the support level of $0.000011819, which is met by the lower border of the flag.
This is the target of the chart pattern on the four-hour chart, and if the Floki Inu price reaches here, it will drop 11.06% from the current price.
FLOKI/USDT Four-Hour Chart Chart
Note that the declining volume and bearish movement of the Relative Strength Index (RSI) as illustrated in the same chart highlights this bearish view. Additionally, the RSI’s position at 45.63, which is close to the overbought zone, indicates that the bears have tight control over FLOKI price.
Also, the Moving Average Convergence Divergence Indicator (MACD) sent a call to sell Floki Inu on the same timeframe. This happened today in the early hours of the Asian trading session, when the 12-period Exponential Moving Average (EMA) broke below the 26 EMA, showing FLOKI’s market momentum turning red.
How Can the Floki Inu Bear Skin Be Invalid?
Note that the bearish Floki Inu price prediction may be invalidated if FLOKI breaks the resistance formed by the flag’s upper bound at $0.00014291. If this happens, it will confirm and continue a bullish breakout and FLOKI could retest the December 12 intraday high above $0.000195, surpassing the 100 and 200 SMA at $0.001518 and $0.00017369. If that happens, Floki could jump more than 50% off the current price.
A series of announcements about key Floki Inu partnerships are likely to fuel such a bullish move. These include the December 08 announcement of a partnership with Wintermute exchange, which it hopes to use leverage to get the meme coin listed on major cryptocurrency exchanges. The Floki Inu team also announced a partnership with Fenerbahçe SK, one of the important teams of our country, on December 9 and with the Dutch team FC Twente on December 11, which is expected to strengthen its brand appearance and attract more investors.
These fundamentals and many more point to a bullish long-term Floki Inu price forecast.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.