Floki Inu prepares for a sell-off towards $0.0000500 amid bearish technicals
- Floki Inu price remains vulnerable amid bearish technicals on the 4H chart.
- FLOKI bulls face stiff resistance at the $0.0001330 confluence zone.
- A breach of $0.0001100 could open floors towards the $0.0000500 downside target.
Floki Inu price is flatlined near the two-week lows, defending the critical support at $0.0001100, as FLOKI traders track the bearish momentum in Dogecoin and Shiba Inu.
The dog-themed crypto coin shrugged off massive gains garnered by the coins named after Elon Musk's pet 'Floki'. Among the other knockoff coins, Christmas Floki X, ElonFlokiInu and King Floki V2 soared over 500% in the previous week.
Floki Inu price is currently shedding 1% on the day, trading around $0.0001300, having booked a sixth straight weekly loss. The meme coin lost roughly 12% of its value over the past week.
Floki Inu price is teasing a descending triangle breakdown
As observed on Floki Inu’s four-hour chart, FLOKI bears are poised to challenge the horizontal trendline support at $0.0001100, from where the price has bounced off on three occasions since November 28.
Meanwhile, FLOKI price has kept forming lower highs over the same time horizon, carving out a descending triangle pattern on the said time frame.
The Relative Strength Index (RSI) is pointing lower below the central line, suggesting that the aforesaid triple bottom could be threatened going forward.
A four-hourly candlestick closing below the latter could validate a triangle breakdown, opening floors for a test of $0.0001000 the figure.
Should the selling pressure intensify, then a fresh downswing will kick in towards the October levels at $0.000050.
FLOKI/USDT: Four-hour chart
On the upside, strong offers await at $0.0001330, which is the confluence of the falling trendline resistance and bearish 21-Simple Moving Average (SMA).
Further recovery will meet the immediate hurdle at the descending 50-SMA at $0.00014.
The mildly bearish 100-SMA at $0.000151 will be the level to beat for FLOKI bulls.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
