Floki Inu Price Forecast: FLOKI to pull off a 10% recovery bounce soon
|- Floki Inu price is consolidating between the $0.0000358 to $0.0000409 levels.
- A sweep of the range low is likely to be followed by a recovery rally that leads to a 10% bounce.
- A decisive flip of the $0.0000358 level into a resistance barrier will invalidate the bullish thesis for FLOKI.
Floki Inu (FLOKI) price, on the one-hour time frame, has signaled that it wants to go higher by producing a shift in the market structure. If buyers don’t step off the gas, this move is likely going to yield handsome returns for FLOKI holders.
Also read: Dogecoin price eyes a quick 8% move as meme coin fever grips investors
Floki Inu price likely to climb higher
Floki Inu price created a range, extending from $0.0000358 to $0.0000409 on December 11. This consolidation is still in play as FLOKI swept the range low on December 16 and recovered above it. The subsequent push to the upside has created a higher high, indicating a market structure shift, favoring the bulls.
Going forward, Floki Inu price needs to overcome the range’s midpoint at $0.0000384 to tag the rang high at $0.0000409. But this move is unlikely going to be a straightforward one. Instead, a minor pullback could occur to $0.0000365, where interested investors could open a long position. The retest of the range high at $0.0000409 would constitute a 10% gain.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) momentum indicators are both favoring buyers and shows an uptick in bullish momentum, which supports the main thesis.
Also read: Shiba Inu Price Prediction: Will BONK profit rotation kickstart SHIB’s 25% rally?
FLOKI/USDT 1-hour chart
On the other hand, if Floki Inu price breaks below the range low of $0.0000384, it would create a lower low and invalidate the bullish thesis.
In such a case, Floki Inu price could crash by 3.4% and retest the $0.0000346 support level.
Read more: FLOKI staking TVL explodes, hits $54.4 million within a week
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.