Floki Inu price eyes 60% gains as FLOKI bounces off crucial support level
- Floki Inu price is taking off after forming a triple bottom setup, indicating the start of a new uptrend.
- A retest of $0.000225 is likely, suggesting that FLOKI is due for a 60% rally.
- A breakdown of the $0.000122 support level will invalidate the bullish thesis.
Floki Inu price is taking another jab at an upswing after retracing from a quick run-up. This pullback is yet to create a lower low, confirming an uptrend. Investors can expect FLOKI to continue its ascent beyond the immediate swing high.
Floki Inu price prepares for another leg-up
Floki Inu price tagged the $0.000122 support level thrice since November 28, giving rise to a triple bottom set up. After the third tap on December 11, FLOKI rallied 68% to set up a swing high at $0.000195.
This rally was quickly undone as investors continued to book profits, resulting in a 27% retracement to where FLOKI currently trades - $0.000141. As long as this retracement does not set a lower low, the bullish thesis for Floki Inu price will remain intact.
On the other hand, if Floki Inu price produces a higher low, it will encourage buyers to step on the gas. In thiscase, investors can expect FLOKI to trigger a 60% advance that slices through the immediate swing high at $0.000141 and tags $0.000225.
FLOKI/USDT 4-hour chart
While things are looking up for Floki Inu price due to the triple bottom setup, a continuation of the retracement below crucial levels will jeopardize the optimistic narrative detailed above. A breakdown of the $0.000122 support level will create a lower low, invalidating the bullish thesis.
In this situation, Floki Inu price will crash 22% to retest the immediate support level at $0.0000949.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
