FLOKI Meme Coin Rebounds After Breaking April Lows: Analyst Predicts Potential Rally

FLOKI has shown signs of recovery after breaking below its April lows. Crypto analyst CryptoJelleNL highlighted this development in a tweet, suggesting a potential rally if certain conditions are met.

Cryptocurrency analysis firm CryptoJelle highlighted a potential setup for meme coin FLOKI. The coin showed signs of recovery after breaking below its April lows.

According to CryptoJelle, FLOKI could be preparing for a rally if it manages to reclaim a critical level. The price action of the meme coin is crucial in determining its short-term trajectory.

In a tweet, CryptoJelle pointed out the importance of reclaiming the 0.00014 price point. This level could serve as a key indicator for FLOKI’s upcoming price movements.

“$FLOKI just took out the April lows, and is bouncing back! Reclaim 0.00014 — and the deviation locks in, with a target of range highs. This observation suggests a possible false breakout scenario.

$FLOKI just took out the April lows, and is bouncing back!Reclaim 0.00014 — and the deviation locks in, with a target of range highs.

Needs the market to behave, but this could get interesting really quickly ? pic.twitter.com/RL8C2jqQWj

The price of FLOKI has seen significant ups and downs. Surging from March into April, the meme coin’s price took a sharp downturn. The following months showcased a series of lower highs and lower lows, indicating a downtrend.

A closer look at the chart reveals key support and resistance levels. The support around 0.0001250 has played a crucial role in FLOKI’s price action. This level, which acted as support in April, is currently being tested again.

The resistance level sits at approximately 0.00031, representing the range high. CryptoJelle’s analysis suggests this could be the target if FLOKI successfully reclaims the 0.00014 level. However, the analyst cautions that market conditions will play a key role.

“Needs the market to behave, but this could get interesting really quickly,” CryptoJelle noted in his tweet. This statement potrays the importance of overall market sentiment in determining FLOKI’s price direction.

Technical Analysis and Chart Patterns

The chart analysis also reveals interesting patterns. A descending trendline can be drawn from the highs in March/April to the lower highs in May. Additionally, a grey shaded on the chart indicates a significant horizontal support/resistance zone.

The recent price action shows FLOKI breaking below the April lows. However, the subsequent bounce has interested analysts like CryptoJelle. This rebound could potentially signal a trend reversal if certain conditions are met.

Reclaiming the 0.00014 price point could confirm that the recent dip below support was indeed a deviation or false breakout. Such a scenario could set the stage for a move towards the range highs.

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