Floki Inu heads towards $0.000175 as technical setup favors FLOKI bears

Floki Inu price looks south amid bearish technicals on the 4H chart.
FLOKI bulls unimpressed by Floki Inu's likely listing on four crypto exchanges.
Defending $0.00022 is critical for FLOKI bulls, stiff resistance awaits $0.000255

Floki Inu price is looking to stabilize at lower levels this Sunday after witnessing volatile trading in the previous week.

The dog-themed crypto coin booked a second weekly loss, eyeing deeper correction from record highs of $0.000405 reached on November 4.

With reducing investors’ interest in the canine-inspired meme coins so far this month, FLOKI price is set to extend its corrective decline in the near term.

FLOKI bulls remain little impressed, despite Floki Inu's team having got the permission to announce the coin potential listing on four cryptocurrency exchanges, viz, Bitmart, FMFW.io, Digifinex and AAX exchange,

Floki Inu price eyeing a test of the descending triangle support

As observed on Floki Inu’s four-hour chart, FLOKI bears are holding the reins after the coin’s failure to resist at higher levels.

In doing so, FLOKI price has breached the critical short-term bearish 21-Simple Moving Average (SMA) at $0.000243.

The move lower has triggered a fresh selling wave in FLOKI price, exposing horizontal trendline support at $0.00022.

A four-hourly candlestick closing below that level will validate a downside breakout from a fortnight-long descending triangle formation.

A massive sell-off towards the horizontal (orange) trendline support at $0.000175 will then unfold.

The Relative Strength Index (RSI) is pointing sharply lower, allowing room for more declines.

FLOKI/USDT: Four-hour chart

Any upside retracement will need acceptance above the 21-SMA support-turned-resistance.

FLOKI bulls will then face the next significant resistance around $0.000255, which is the intersection of the falling trendline resistance, 50 and 100-SMAs.

Note that the 50 and 100-SMA bearish crossover confirmed on Saturday is playing out, exacerbating the pain in FLOKI price.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.