As volatility flew into meme coins in the past couple of days, Floki’s increased significantly and moved out of the bearish phase after months of decrease. It appeared strong daily following a new trend shift.
Following the past week’s surge that brought the bulls back in action, Floki tapped a new multi-month high of $0.000285 yesterday after rising by roughly 60% in a week. The bulls have slowed down pressure today after rejecting the high.
While they are still in control on a weekly scale, there is a need for more buying volume to sustain pressure. Due to that, the price is now trading at around $0.00024.
The recent rejection indicates signs of exhaustion from the bulls’ sides. A further reduction could trigger a retracement phase to provide another buying opportunity for the mid-term buyers.
But currently, the market is still much in favour of the bulls from a technical perspective. If they show more commitments in the next 24 hours, Floki may reclaim June’s high and end this week on a bullish note before deciding where next to head.
So far, this month has been the most volatile buying period for the meme coin since May. While negative sentiments appeared to have faded away over the past weeks, more positive actions can be expected in the next few months.
Floki’s Key Levels to Watch
Source: Tradingview
Retaking yesterday’s $0.000283 high, Pepe could tap the $0.00035 resistance level before retracing. If the price continues to go parabolic, the $0.0004 and $0.0005 levels would be the next target resistance to pay attention to.
The close support level for a retracement right now is $0.00021. If this level fails to provide support, it may navigate the $0.000177 level before rebounding. Below it lies $0.0001482.
Key Resistance Levels: $0.000283, $0.00035, $0.0005
Key Support Levels: $0.00021, $0.000177, $0.0001482
Spot Price: $0.000242
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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