Floki Inu (FLOKI): Can Wedge Setup Breakout Trigger Upside to $0.000057?
Floki Inu (FLOKI) seems to end its sluggish downside movements. That had the meme coin in a bullish breakout from a descending trend-line. Market players await a closing beyond $0.0000256 or another entry opportunity. For now, FLOKI might be ready for additional price recoveries.
Key Points
- A daily candlestick closing beyond $0.000033 is necessary to take Floki Inu higher towards the $0.000042 level.
- The Relative Strength index affirms the increasing bullish momentum.
- Floki Inu’s intraday trading volume sits at $8.9 million, translating to a 9.7% increase.
Floki Inu saw a stable downward move inside a plunging wedge setup. The bearish pattern had sellers making another lower low around $0.0000256, suggesting a 90.6% drop for the token’s all-time peak of $0.0003437.
Meanwhile, buyers triggered a rebound for the alt from the support trend-line, driving FLOKI 27% up towards shared resistance of $0.000023 and descending trend-line. Tuesday session had Floki Inu on a conclusive breakout from a dynamic resistance, showing that ‘selling-on-rallies’ shifted to dip-buying.
Nevertheless, buyers encounter challenges overcoming the closest resistance at $0.000033, inhibiting bulls’ attempt to climb higher. Buyers breaching and closing beyond this resistance would trigger a 73.6% upsurge towards the $0.0000566 zone.
Meanwhile, the crypto market saw bearish reactions overnight. While publishing this content, the global cryptocurrency market cap stood at $1.90 trillion, following a 1.59% drop in the past 24 hours. Also, Bitcoin remains around the $42K mark, registering a 1.9% drop within the past day. Improved sentiments remain essential for steady upside movements in the crypto spectrum. Such developments will see FLOKI achieving its bullish target with less hassle.
Technical Indicator
Contrary to the declining price function, the daily Relative Strength Index saw its slopes making new higher lows. That showed bulls tightened their positions on FLOKI. Moreover, the Vortex indicator displays a bullish cross among the VI- and VI+, supporting an upside breakout from Floki Inu’s wedge pattern.
The alt moving beneath the 50- and 100-day exponential moving average shares a bearish bias. Nevertheless, buyers’ commitment to overcome sellers started with regaining the 20-day exponential moving average.
- Resistance areas – $0.000036, $0.000048
- Support areas – $0.000042, $0.000036
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
