Floki Inu (FLOKI), October 27 low at $0.00005478 A 695% rally After that rally, FLOKI is now 64% below its all-time high of $0.004020 on Nov. FLOKI has now experienced six consecutive ‘drops’ on the daily chart. Seems like FLOKI If it continues to apply the current chart pattern, it could continue to lose as much as 61%.
FLOKI is currently trading at $0.001506 and has formed a ’round top’ on the daily chart. This represents a significantly bearish chart pattern resulting in a switch from an uptrend to a downtrend. The target of the rounded top pattern is the support price level at the bottom of the pattern.
This situation continues Floki Inu price correctionThis could result in memecoin falling to the $0.0005478 support base as shown on the daily chart. This price represents a 64% decrease from the current price.
FLOKI/USDT Daily Chart
RSI It should not be overlooked that the level is positioned close to 40, indicating that the oversold zone indicates that the bears are in tight control of the Floki Inu price.
It can be important for FLOKI traders to monitor volume while analyzing the rolling top. Volume usually occurs as an ‘inverted volume (high at both ends, lower in the middle of the pattern’) as shown in the same chart.
On the other hand, the position of the Moving Average Convergence Deviation (MACD) indicator above the zero line in the positive zone still indicates positive market sentiment for FLOKI. Therefore, a daily close above the $0.0001823 resistance may support the bulls to push Floki Inu higher.
A decisive bullish break would be confirmed if FLOKI price rises above the $0.002476 resistance level, invalidating the above bearish view.
But for that to happen, FLOKI bulls may need support from the wider market to restart their bullish run.
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.