Floki Inu price needs to reset before FLOKI revisits $0.0000420
|- Floki Inu price has been steadily undoing the 70% rally on April 24.
- This downtrend is likely to continue until it tags the $0.0000281 to $0.0000303 demand zone.
- A bounce off this level could trigger a move to $0.0000420 if FLOKI bulls manage to overcome the mean at $0.0000337.
Floki Inu (FLOKI) price shows a lack of buying pressure since late April, which has led to a steady downtrend. This move will continue until it hits a stable support level or a demand zone, where buyers can overwhelm the sellers. Under this circumstance, the spike in buying pressure could catalyze FLOKI to kickstart a run-up.
Also read: Floki Inu price fails to rally despite Bitfinex listing – 5 trillion FLOKI hanging in loss
Floki Inu price needs more preparation
Floki Inu price shot up 70% on April 24, which pushed it above the range high at $0.0000420. As impressive as this run-up was, sellers began to book profits, leading to an undoing of the rally.
Currently, Floki Inu price trades just below the range’s mean at $0.0000337 and is likely to continue sliding lower. The $0.0000281 to $0.0000303 demand zone will be key in determining where FLOKI heads next.
A comeback from buyers after a retest of the demand zone will be a key development. FLOKI bulls need to overcome the range’s midpoint at $0.0000337 before it can head higher. In such a case, Floki Inu price will attempt to scale higher and tag the range high at $0.0000420.
This move would constitute a 40% gain for Floki Inu price.
A confirmation of this uptrend will arrive when the Relative Strength Index and the Awesome Oscillator both climb above their mean.
FLOKI/USDT 1-day chart
On the other hand, if Floki Inu price fails to overcome the mean at $0.0000337 or bounce off the $0.0000281 to $0.0000303 demand zone, it will signal a weakness in the buyers’ camp. This development could lead to a slow descent that retests the range low at $0.0000255.
A decisive flip of the aforementioned level into a resistance barrier will invalidate the bullish thesis. Such a development could see Floki Inu price slide lower and tag the $0.0000233 and $0.0000205 support levels.
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.