- FLOKI coin price broke out from the falling wedge pattern to the $0.0000304343 level.
- The 50-Day EMA is currently preventing the price from falling.
Floki (FLOKI) is the utility token of the Floki ecosystem and the people’s cryptocurrency. The project is run by a decentralized community after it was abandoned by its founder Anonymous Dev. The community took over this project and relaunched making it a globally recognized crypto brand with over 400,000 holders in the first year.
From the Last Six Months, FLOKI Coin Price Giving Positive Returns
FLOKI coin price has also started its bullish rally like many cryptocurrencies in October 2023. It advanced 155% to the $0.0000424504 resistance level after retesting the $0.0000165239 major demand level which changed the viewpoint of crypto-investors.
As a consequence of that, the price started another bullish rally from the decisional demand zone of $0.0000263950. The FLOKI coin price then broke above the $0.0000424504 resistance level and swiped all the buy-side liquidity.
This resulted in a fall of 43% to the same decisional demand zone. Alternatively, the 200-Day EMA also prevented the FLOKI coin price from falling, and during those sessions, it formed a falling wedge pattern that got broken recently.
The buyers are expecting the price to go higher in the current trading phase. FLOKI coin price hit its all-time high level two years ago at the $0.0003437 level and the current price is performing 90.4% below this.
Technical Analysis of the FLOKI Coin Price
The 50 and the 200-Day EMAs made a bullish crossover which resulted in a hike of 77% to the $0.0000470886 resistance level. However, the FLOKI coin price dropped from that resistance and now, the price rebounded off both the EMAs.
The FLOKI coin price recently broke out from the falling wedge pattern at the $0.0000304343 level. This breakout attracted many buyers to take long positions, in the last few sessions, their presence can be seen in the chart.
At press time, the price is trading at the $0.00003316128 level, it formed two bearish candles which are trapping some of the sellers. The FLOKI coin price can reach $0.0000424504 resistance if it sustains above the breakout level.
The other way around, the relative strength index (RSI) has shown an internal bullish divergence after the falling wedge breakout. This indicates that momentum dominance is in the buyers’ hands. The RSI slope is at 61.77 between the middle and upper bands.
Conclusion
Lastly, the FLOKI coin price has been moving in an uptrend since October 2023. It has given a breakout of the falling wedge after the reinforcement from the $0.0000304343 support level. The coin price can break the resistance of the falling wedge if it sustains above the breakout level.
Technical Levels
- Resistance Levels: $0.0000470886 and $0.0000615980
- Support Levels: $0.0000263950 and $0.0000152157
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 any other advice. Investing in or trading crypto assets comes with the risk of financial loss.