- FLOKI needs to reclaim a Fibonacci level as support and consolidate to introduce a bullish bias.
The technical indicators and liquidity pools hinted at another price drop.
As a seasoned crypto investor with battle-scarred fingers from countless market swings, I find myself standing at the precipice of Floki [FLOKI] once more. The meme coin has shown promise, but its recent performance leaves me wary and cautious.
Floki (FLOKI) saw a continuous dip in its value and failed to regain ground after the recent setbacks, although it has increased by 30.5% from its most recent low points. The potential $0.00014 resistance level above seems poised to thwart any bullish momentum.
In simpler terms, the last time the price dropped significantly was at $0.0002. Over the next few weeks, Floki (FLOKI) investors are eagerly waiting for the current resistance level to become a support level, allowing the price to stabilize there.
FLOKI bulls have a long battle ahead
In simpler terms, the highest significant value point for this meme coin was found at $0.0002, which is an increase of about 67% compared to its current market price. For a healthy growth of FLOKI, experts suggest a gradual increase in both low and high prices throughout August, similar to a series of small steps upwards.
In a context where things are unpredictable, it’s hard to say if the performance will meet the optimistic predictions of the bulls. The Daily RSI remains significantly below the neutral 50, suggesting a dominating bearish trend, and the On-Balance Volume shows a decrease, indicating increased selling activity over the past few days.
The Fibonacci levels are expected to serve as resistance on the way higher.
The liquidation heatmap shows the price has another 25% drop left
The accumulated funds in the $0.0001 area helped prices to rise again following Bitcoin‘s temporary low at $49k. Yet, there were numerous potential sell-off points still present at the $0.000093 level.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
In my crypto journey, I’ve been eyeing the $0.00022 as my bullish goal, given the past three months’ trends. However, I should also be mindful of the $0.000142 and $0.00016 levels. These points could potentially signal a short-term bearish reversal if we’re not careful.
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2024-08-09 02:15