The Floki Inu (FLOKI) price has the potential to perform positively ahead. The price has plugged the descending trendline and is ready for the breakout.
The price of Floki Inu (FLOKI) has experienced a bullish spike of more than 700% within the first 2 weeks of March. The FLOKI price trend was halted near the $0.000300 resistance level due to profit booking. As a result, the price melted to the major support level of $0.000100 and lost 60% within a month.
FLOKI buyers gradually geared up and made another attempt to cross the last swing high. They recorded a new all-time high (ATH) of $0.000346. The second attempt failed and the price dropped again due to the profit booking.
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The Floki Inu price has again generated a buying signal at the support level. Continue reading to find out whether FLOKI bulls can succeed this time or bears will prevail.
Is the FLOKI Price Gearing up for Another Bullish Move?
Crypto analysts are always sharing their thoughts on X (Formerly Twitter) to help newcomers and fellow investors. SleekCrypto (@TheCryptoSleek) is one of those helpful people guiding FLOKI investors.
He has tweeted that Floki Inu price has the potential to perform positively ahead. The price has plugged the descending trendline and is ready for the breakout. Once the FLOKI price exceeds the $0.000200 mark, it may eye for the next levels.
$FLOKI Path ⁉️ pic.twitter.com/W2CnC7LlK0
Buyers are showing interest at the bottom level and momentum is building. If the trading volume supports this momentum, a big move can be anticipated.
FLOKI Price Has Shaped a Descending Triangle Over a Daily Timeframe
At the time of writing, the FLOKI crypto was trading at $0.000134 up by 2.73%, in an intraday session. This token’s market capitalization was $1.29 Billion and the 24-hour trading volume was $225.78 Million.
The FLOKI price has been declining for the past few weeks, facing resistance from a descending trendline. Moreover, it has reached a crucial level for the breakout. After crossing the 20-day EMA, the price was heading towards the 200-day EMA.
Once the price exceeds the trendline with good volume, this FLOKI price analysis suggests buyers may show interest. If the crypto asset price overcomes the 200-day EMA, buying momentum for the long term can be possible.
On the other hand, if the FLOKI price slips below the major support level, buyers might panic. Here, most investors might prefer to book profit, which will increase the selling pressure. If the price fails to defend the $0.0000400 hurdle, the FLOKI sellers may target the all-time low (ATL) level.
Based on the technical indicators, the Floki Inu price smashed the 20-day EMA and was moving toward the 200-day EMA. The histograms in MACD turned green and it could be a bullish signal.
The RSI has generated a bullish divergence and triggered a golden crossover with the RSI-based moving average.
FLOKI Crypto Price Forecast
Based on the analysis of FLOKI price movements and technical indicators, it seems that the cryptocurrency is at a critical point. The recent bullish spike and potential breakout from the descending triangle pattern suggested a bullish forecast.
The support levels and EMAs are important factors to watch, as they will likely influence future price action.
Additionally, the positive momentum and buying interest at the current levels indicate that there is potential for another bullish move. However, it’s important to closely monitor the trading volume and price movements before making a big move.
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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