Floki Inu (FLOKI) trades at $0.0001655, with bears dominating the meme coin, reflected by massive pressure on the descending channel’s upper boundary and 100-day Simple Moving Average near $0.0001750. Stiff resistance to the upward has Floki Inu’s bulls struggling to overpower the descending channel formation.
FLOKI Might Explode $0.0002350
Floki Inu appears on a recovery path after the alt saw a successful bounce off the dropping parallel channel’s middle border at $0.0001227. The bounce-back had the meme crypto flying high towards $0.0001760 before encountering rejection at the 100-Simple Moving Average around the $0.0001750-level.
That translated to a 45% upswing, FLOK flipping the 50-Simple Moving Average from support to resistance. While publishing these updates, FLOKI battles massive hurdle from the descending channel’s upper border at $0.000169 and 100 SMA near $0.0001750.
A bullish explosion past this level might witness Floki Inu surging to test the hurdles from the 200-Simple Moving Average, standing at $0.0002171. If the meme coin’s bulls overpower this resistance, expect FLOKI to uptrends, tagging 19 November high of $0.0002350. That would constitute a 44% upsurge from Floki Inu’s current price level.
FLOKI/USDT 4Hr Chart
Remember, the MACD indicator exhibits an upward trend and crosses the zero (0) line, heading towards the positive territory. That confirms the upward picture.
Meanwhile, the Relative Strength Index shows a negative divergence while turning down from the overbought territory. That shows bears presence, and there might trigger a downward action in Floki Inu’s price.
For that reason, failure to maintain above the 50-Simple Moving Average will catalyze massive sell orders. That might witness FLOKI plummeting to tag the governing chart pattern’s middle boundary around the psychological level at $0.00010.
Further downswings might have the do coin falling to touch the critical level at $0.000050 before tagging the descending parallel channel’s target at $0.000037.
However, analysts believe FLOKI has the momentum to rise high. However, that is if the crypto takes advantage of any rally in the overall market. As crypto space sees recovery after the recent downbeat, Floki Inu can gather upward catalysts to hit its predicted target.
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