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- 1 Floki Inu price is currently trading at $0.000031119 with a decrease of -0.7% during the intraday session.
- 2 Floki price trades below 20,50 and 100-day EMAs.
- 3 To date, this year’s return of Floki Inu is 283.35% while three month return is -24.61%.
Floki Inu, one of the top gainers in the cryptomarket, has surged 283.35% since the beginning of 2023, rising from the low of $0.000007899. The bullish rally led to formation of an annual high at $0.000068137. The price did not close above the $0.00006 level and entered into a correction after receiving rejection. Floki Inu price attempted several times to rise above $0.00006 level but was not successful.
Recently, the cryptocurrency price formed a support at $0.0000308 level and entered into a consolidation zone ranging between $0.0000308 and $0.0000351. Floki Inu price is hovering near the recent support level, so, if there is break and close of candle below the recent support level of $0.0000308, there is a high probability that the price might move downward to $0.00002758 level.
For price to retest the annual high, bulls need to push price above the major resistance level of $0.000048. A break and close above the $0.000048 level might give traders a slight confirmation about the increasing bullish momentum and also the possibility of a retest of the highs.
Floki Inu Accepted as a Payment on AliExpress
Aliexpress, a renowned global retailer associated with giant retailer Alibaba, announced the meme inspired cryptocurrency Floki Inu can be utilised for purchasing a wide range of products on Aliexpress. Consumers can rely on Shopping.io for convenient transaction processes. The market impact on the value of Floki was relatively minor due to this announcement.
Into the blocks, a renowned crypto analytics firm, revealed that a substantial majority of Floki traders were experiencing loss. The latest data pictures a disheartening reality, where about 78% of the Floki owners would suffer a huge loss if they were to sell their assets. 14% of the traders have secured their profits and 8% of traders are currently at breakeven.
Will Floki Price Shatter the Support Level of $0.0000308 Level?
Floki Inu price trades below 20,50 and 100-day EMA indicating bearish momentum in the price. Chaikin money flow score is at -0.08 suggesting a weakness in the market. RSI trades below the 50 mark and is currently at 43.59 indicating an increase in bearish momentum.
The bollinger bands have contracted them suggesting low volatility in the price. However, Floki price recently received rejection from the 20-day EMA and is headed toward the lower band. The long/short ratio is 1.02 with 50.6% longs and 49.4% shorts in the last 24 hours, suggesting involvement of bulls near the support level.
Conclusion
The overall market structure and price action is bearish for Floki Inu, but currently it has made a support around $0.0000308 level. The technical indicators are inclined towards the sell side.
Technical levels
Major support: $0.0000308 and $0.00002758
Major resistance: $0.0000351 and $0.0000380
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
