- FLOKI price surged 56% on a single day ,racing toward all time high.
- FLOKI crypto witnessed a massive spike in buying volume.
- The Floki price chart looks better than the Shiba Inu price chart.
Floki price shot up 56% on a previous day and tried to break out of the swing high hurdle. It formed a strong bullish candle and recovered the majority portion of its previous losses.
For the past few weeks, Floki price has been stuck in the narrow range, in hopes of range expansion. Finally, it gained positive momentum and breakout upward. However, it will be interesting to see whether the up-move is fake or real. If the buyers succeed to hold the price above the 50 day EMA then upward momentum may continue for coming months. However, if the price drops below the 50 day EMA, it may conclude the recent up-move was just a bulls trap.
Floki price is trading at $0.000038656 with an intraday decline of -13.85%. The 24 hour volume to market cap ratio is 0.6269. At the mid of February, Floki price managed to climb above the 50 day EMA which triggered the positive sentiment and prices rallied 380% in a short period of time. The rally took halt at the $0.000068150 and formed a bearish rejection candle.
Floki price has entered the oversold zone due to which it witnessed minor profit booking at higher levels. Slowly and steadily the volatility decreased and prices corrected 50% from the all time high.
Will FLOKI hit new All time high soon?
Floki Price downfall took halt at $0.000025391 and prices formed a bullish hammer candle. However, the prices didn’t give the follow up momentum and got stuck into a narrow range consolidation.
Recently, Floki witnessed a massive spike in the buying volume which positively impacted the prices. It shows some genuine buyers are turning bullish and expecting the upward momentum to continue in coming months. If the buyers succeed to break the $0.000050114 hurdle then probability of hitting fresh 52-week high will substantially increase. The technical analysis suggests, Floki price is in bulls grip and if buyers hold 50 day EMA then follow up momentum might be observed.
Floki Price entered overbought territory
Floki Price forming a bullish engulfing pattern on a weekly timeframe and trying to hold price above weekly high. However, the prices showed a sudden spike due to that it entered overbought territory. Therefore, prices might consolidate for some time before deciding the further direction. The technical indicators like MACD had generated a positive crossover and histogram bar is rising. It indicates bullish momentum to continue and buyers are more active as compared to sellers.
Conclusion
Floki Price showed a surprising up-move and gained 56% on a single day. It attempted to break the important swing high hurdle at $0.000050114. If buyers succeed then we might see a fresh 52 week high. The technical analysis suggests, Floki price is in bulls grip and more upward momentum is possible.
Technical levels
Resistance levels : $0.000050114 and $0.000068150
Support levels : $0.000025391 and $0.000010396
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.