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FLOKI Heads to $0.000175 as Technical Formation Favors Floki Inu Bears

  • FLOKI Inu appears south as the 4-hour chart print bearish technicals.
  • The meme coin’s bulls seem not impressed by FLOKI listing on various cryptocurrency exchanges.
  • Meanwhile, bulls need to defend $0.00022 as a massive resistance awaits at $0.000255.

Floki Inu appears ready to stabilize around lower zones this Sunday following volatility during the past week. The canine-themed cryptocurrency witnessed a 2nd weekly loss. With that, its target further retracements from record peaks of $0.000405 attained on 4 November.

As this month has seen decreased interest by investors on meme coins so far, Floki Inu might see an extended corrective plunge in the short term. FLOK bulls remain mildly impressed despite the asset’s team receiving permission to declare FLOKI possible listing on four exchanges – AAX exchange, Digifinex, Bitmart, and FMFW.io.

FLOKI Price Targeting to Test the Support at Descending Triangle

According to Floki Inu’s 4-hour price chart, bears appear to dominate after FLOKI failed to stabilize higher zones. The downward sentiments had FLOKI breaching the crucial near-term bearish 21 SMA located at $0.000243.

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The lower move has catalyzed another FLOKI price selling wave, thus the possibility of hitting the horizontal trend-line support near $0.00022. A 4-hour candle close under this level will confirm a downward breakout from a 2-week descending triangle pattern.

Such a narrative will expose a massive plummet towards $0.000175, the horizontal trend-line support. Relative Strength Index points sharply lower, giving room for more plunges. For now, the meme coin requires acceptance beyond the 21- Simple Moving Average support – turned into resistance.

With that, FLOKI bulls will prepare to encounter the next considerable resistance at $0.000255, the joint of the declining trend-line resistance, 50- and 100- Simple Moving Averages. Keep in mind that the bearish crossover by 50 SMA and 100 SMA plays out at the moment, magnifying pain by FLOKI enthusiasts.

The meme coin market has struggled over the past few weeks amid an absence of price triggers and a downbeat in the crypto space. For now, themed assets, including FLOKI, awaits price triggers and overall crypto market support to determine their next price move.

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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