The bullish rally for Floki price began during the start of 2023, when price started to rise from the low of $0.000007450. The move led to the formation of an annual high at $0.000068137 causing a rise of roughly 827.39% in the span of one and a half months. Floki Inu became one of the top gainers in the cryptocurrency.
In May, the cryptocurrency price did try to retest the annual high but the move was halted at $0.00005794 and price retraced back to close at $0.000048 level. During the start of June, the Floki Inu price shattered the support level of $0.0000308 and started to melt. The sell off was due to various legal actions Securities and Exchange Commission(SEC) took against major crypto exchanges, which induced fear in the cryptomarket and cryptocurrency started to fall.
Recently, the price formed support at $0.000021 level and initiated a bullish rally as positive sentiment started to rise in the cryptomarket as BlackRock, world’s leading asset manager, filed for Bitcoin Spot exchange traded fund.
The price started to rise toward the support turned resistance of $0.0000308 level in hopes of shattering it, but faced a strong rejection from the $0.0000297 level. The price then retracted and formed a support at $0.0000239. Floki Inu price again gained bullish momentum, but faced rejection from $0.0000308.
The previous candle closed as a strong bearish candle and the current candle is trying to form a support. If a support is formed and price gains bullish momentum, there is the possibility of a retest at $0.0000308 level. On the other hand, if price breaks the support level of $0.0000239, it might head toward a major support level of $0.000021 causing a loss of roughly 11.82%.
Will Floki Price Melt To $0.000021 Level?
The cryptocurrency price trades below the 20,50,100 and 200-day EMAs indicating bearish momentum in the price. Chaikin money flow score is -0.21 suggesting there is strong weakness in the price. RSI has crossed below 50 mark and currently trades at 44.73 suggesting increased participation of sellers in the market.
The price reached the upper band of bollinger and entered into a reversal phase. The price has crossed 20-day SMA of bollinger indicating sellers influence over the price. The long/short ratio is 0.80 with 44.68% longs and 55.32% shorts suggesting higher positions from the selling side in last 24 hours.
Conclusion
The market structure and price action of Floki Inu has turned bearish after facing rejection from $0.0000308. The technical parameters are favoring the selling side and indicates a possibility that the price might shatter the support level of $0.0000239.
Technical levels
Major support: $0.000021 and $0.0000239
Major resistance: $0.0000308 and $0.0000351
