Floki Inu (FLOKI) Prepares another Move Within Descending Triangle Pattern
Floki Inu (FLOKI) has adhered to a falling triangle pattern since the November fall. The resonated netting the support at $0.000153 and a plunging trend-line as it gradually nears the apex. For now, market players might expect a massive directional move after the token overcomes this pattern.
Vital Technical Points
- The RSI indicates a bullish divergence on the 4hr chart.
- Floki Inu has its trading volume at $36.2 million, a 207.4% increase.
- On 23 December, Floki Inu saw a 40% jump, attempting to overpower the resistance area neat $0.00016.
However, FLOKI failed to maintain beyond the level. With that, the alt witnessed its price declining towards the bottom floor at $0.000115 on 20 December. The dog crypto extended its actions and still consolidates within these same value areas.
FLOKI has its price falling under the 20-day and 50-day Exponential Moving Average, showing a bearish sentiment for the coin. The daily RSI (44) affirms the bearish outlook as the line moves sideways under the neutral region.
FLOKI/USD 4Hr chart
Floki Inu respects a descending triangle formation according to the daily price timeframe. That shows more plunges in the asset when the price loses the support neckline around $0.000153. Recently, the price encountered rejection at a descending trend-line and seems ready to retest the lower support once more.
However, the canine-theme cryptocurrency has the chance to kick-start a massive bullish run if it cracks the overhead resistance trend-line. For that reason, meme assets enthusiasts have to wait for the price to break either of the price levels.
The traditional pivot indicates the closets resistance mark for Floki Inu price stands at $0.0001375, then $0.000156. On the other side, FLOKI’s support levels are at $0.0001, then $0.00084.
For now, Floki Inu might rely on the broad market sentiment to detect its upcoming price moves. Meanwhile, the global market spectrum has had a stationary attitude throughout last night. However, Bitcoin declined and the $50K level before reclaiming it, trading near $50,255 at this publication. Maintaining an upswing will translate to a bullish market, support Alts, including Floki Inu.
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