The ‘take profit’ sales that started the collapse in the crypto markets on November 16, Shiba Inu (SHIB) It even deepened the price correction below the $0.0000050 support level. Favorite meme coin of recent times Floki Inu (FLOKI)It lost about 25% from its high of about $0.0024 on Nov. 15 to as low as $0.001814. This drop showed that FLOKI is currently turning the key $0.0022 support level into resistance and further declines are possible.
Shiba Inu Prepares for an Explosive Ascension
SHIB price is currently pointing to an ‘extended correction’ forming a downtrend line on the daily chart and has recorded a ‘five highs’ since it set an all-time high around $0.000885.
With this, SHIB, continues to consolidate above the $0.000448 demand area with market participants expecting buyers to accumulate Shiba Inu on the dips and trigger a rise.
If SHIB tries to rise above the main $0.0005337 resistance area, the current downtrend will be reversed and the downtrend line will be broken at $0.000565. A decisive rise beyond this point could indicate SHIB’s rally towards $0.00006303, which would represent a 32% rise from the current price.
The MACD’s position above the zero line in the positive zone confirms this bullish outlook.
SHIB/USD Daily Chart
On the other hand, SHIB could decline if it closes a day below the ‘immediate support’ provided by the $0.000448 support level, which will label the $0.0000036 support level prolonging the decline. From the current price of the Shibe Inu beyond this point a 41% drop If it drops to $0.00002816, the bullish thesis will no longer be valid.
Floki Inu Price Faces Rising Tough Resistance
Floki Inu (FLOKI) price continues to trade further below ‘downtrend line’, 50-period Simple Moving Average (SMA) At $0.002373 and the 100 SMA at $0.002532, FLOKI is facing stiff resistance to the upside.
The immediate support level of $0.001790 accepted by the 200 SMA to prevent further losses. FLOKI It stands before us as a very important level for the bulls. A close below this level could drop FLOKI’s price towards the $0.00150 support wall. A break below this level could trigger ‘sell orders’, pushing FLOKI to a low of $0.00006323, which is a 66% decrease from the current price.
The downward sloping moving averages of the Relative Strength Index (RSI) near the oversold zone at 31.62 and the MACD position below the zero line in the negative zone point to this pessimistic outlook.
FLOKI/USDT Four-Hour Chart
If FLOKI manages to successfully defend the 200 SMA support at $0.001785, it could rally to the psychological level above $0.0020. Importantly, this uptrend will wait to surpass the main $0.002090 resistance to trigger a rally, after which there will be a possibility to break the ‘descending trendline’ resistance at $0.002203.
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.